In case wife gives ₹ 50000 as gift to husband who further deposits it as FD in bank. Now in whose hand is the interest on FD taxable?
Ritik Chopra (student) (8123 Points)
02 April 2021In case wife gives ₹ 50000 as gift to husband who further deposits it as FD in bank. Now in whose hand is the interest on FD taxable?
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 02 April 2021
Kapadia Pravin
(17249 Points)
Replied 03 April 2021
CA Puja Sharma
(Chartered Accountant)
(4891 Points)
Replied 03 April 2021
FD income will be taxable in the hands of wife.
In all such instances where nature of asset is changed by the transferee spouse provisions of section 64(1)(iv) are attracted and clubbing of income takes place.
CA. Sourav Sarkar
(Chartered Accountant )
(24578 Points)
Replied 04 April 2021
CA Rashmi Gandhi
(Chartered Accountant)
(86285 Points)
Replied 04 April 2021
Clubbing provisions attracts, so same is taxable in hands of wife.
Hari Beldona
(ACA)
(1533 Points)
Replied 29 July 2021