Income tax gains on POMIS for my wife?

Question

I am planning to gift 3Lakh INR for my wife (house wife) and she would invest in POMIS so that she gets a regular monthly income say around 2K per month which she plans to invest in other securities say MFs /RDs or whatever.

How does Indian Income Tax apply here.Please Clarify

Answer 1

There is no tax on gift. Read gift tax in India http://mytaxes.in/index.php?topic=19.0

Any income from investment is taxable if total income in 2008-09, exceeds income not subject to tax that is Rs. 1,80,000.

Read: http://mytaxes.in/index.php?topic=7.0

However, in this case your wife's income will be clubbed with your income.