I get money from my husband every month for household ration and water, can I get a notice from Income Tax?

highlights

If the wife invests the money then there will be tax on the returns.

The tax rate may vary according to capital gains rules.

The wife will not receive a tax notice even after receiving a gift from her husband.

New Delhi. If you receive money every month from your husband for household expenses or your husband gives you something as a gift, will you have to pay tax on it? According to experts, the wife will not have to pay any tax on this income. Tax expert Sharad Kohli told CNBC Awaaz that this money will be seen as the husband's income only. However, the wife's tax liability will arise only when she invests this money somewhere. The wife will have to pay tax on the income earned from the investment. The investment income calculated on a year-to-year basis will be considered as the wife's income, on which tax will have to be paid.

It is worth noting that there is also a provision for penalty on cash transactions exceeding a limit. According to Sharad Kohli, under Section 269SS and 269T of Income Tax, there is a provision of penalty on cash transactions of more than Rs 20 thousand. However, blood relations or close relatives are also exempted from this rule. Father-son, husband-wife and some close relatives have been kept out of this rule.

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Will I have to pay tax or not?
If a person is giving money or gift to his wife, then the wife will not have to pay any tax. This gift or cash amount will be added to the husband's earnings only. The tax liability on this will be borne by the husband only. The wife is kept in the spouse relative category, hence there is no tax on her gift transactions.

Where will tax be paid on investment
If the wife invests the amount given by the husband in FD, SIP, stock market, gold, property or any other option and she will have to pay tax on the returns she gets from there. Capital gain on the returns of these investments is applicable according to different time periods. Therefore, tax will not be the same on every type of investment.

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Tags: Income tax, Income tax notice, Investment tips