I was searching for options to save/reduce tax by gifting money to the spouse. By searching the website, I came to know that the income generated from the gifted money to spouse(Housewife) will be clubbed with husband(salary).
In the website https://www.jagoinvestor.com/2015/02/gift-tax-rules-in-india.html it is mentioned that the income generated from gifted money will be clubbed with husband income for 1st year only. From second year onwards it is the income for the wife and will be considered as per their tax slab.
The article is written in 2015. It is still valid - i.e, I gift 1 lac to my wife, she invests it in a company’s share or MF. After one year, she withdraws the amount, the long term gain from the investment will be clubbed with my income for that year. At the start of the second year, both the gifted money and income from the money is re-invested and this time, the income will not be clubbed with my income.