Loan to spouse

Tax queries 9051 views 17 replies

Income from FDR interest accruing to wife will be clubbed in your hand if you do not charge a reasonable interest from her.

However, major son's income from FDR interest will not be clubbed.

sir if a husband give interest free loan suppose 50 lac 2 his wife n out of ds wife purchase a house property ,dn any income from ds house property will be clubbed in husband income??Is dr is any limit of ds loan??PLz tell me what is d procedure to follow for giving ds loan(ny legal documents required)

Dear Sir,

My question is in the same context of this thread.   My spouse had FD income which I did not reported in my my ITR.   The reason being I am not sure if clubbing is applicable for my case.   

 

Now my ITR is processed and I received my refund.   My spouse is yet to file her ITR.   What should I do?  As my ITR is already processed, tthere is no chance of my case being transferred to AO right?

 

Should I go and file ITR for my spouse?  Note bank has already deducted TDS on FD income in her name.

 

please suggest!

 

 

Thanks in advance

Ramesh


CCI Pro

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