advance given to wife for buying a property ; tax treatment?



hi, i gave some amount to my wife for a property purchase and the property was registered her name. the amount which i gave for the property was my own income (salary). what is the tax treatment for this amount, can i show it as a loan given to wife. also how it will be treated in my wife’s ITR?

advance given to wife for buying a property ; tax treatment?
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2 Replies to “advance given to wife for buying a property ; tax treatment?”

  1. 1) Gift or loan given to wife is not taxed in wife’s account / ITR.
    Now you decide which way you want it, depending on your convenience. For any accounting purpose you want the money back, show it as loan, otherwise show it as gift. Either way the amount will have to be shown in your income statement and tax returns.


  2. keep it as loan, as whenever you need this money you may get it without any prob. means this is your white income. keep it as it is. later when you will sell or you will get the cash from some where you can use this transaction.

    Tulsi Gupta





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