Find
If you give money to your spouse without adequate consideration and it is used to earn income, that income may be clubbed with yours. This makes the spouse's F&O profit taxable in your hands in many cases.
ITR
F&O traded in spouse's account with my money
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Provisions
Sec 64 (now Sec 99)
Analysis
If you transferred ₹10,00,000 to your wife and she made ₹2,00,000 F&O profit with it, that profit may be added to your income. Losses can also be clubbed. Keeping clear records of gifts and funds, or using a proper loan with interest, avoids confusion. Get advice before mixing accounts.
Close
- Trace the source of funds in the spouse's account
- Decide whether clubbing applies
- Report the income in the right return
- Keep documents for transfers between spouses
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