Can my spouse transfer principal amount
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
20 April 2017
Hi,
3 years back, I had closed 3 of my ULIP Insurances. Insurance companies had transferred the settlement amount of my bank account. I then issued a cheque to open FD account in name of my Wife (who is a teacher). Duration of these FD were 3 years and about to mature in month of August. For these 3 years, I have been filing ITR on behalf of my wife which includes the Interest earned every year from the FD as other source of income. The Maturity Amount of the FD will be direct transferred to my Wife's account.
I need your expertise to help me understand the outcome of below scenarios on my ITR
Scenario I: What happens if my wife returns me the Initial Amount which I had given her to open the FDs and she keeps the Interest Part of the FD.
Scenario II: What happens if my wife returns me the Initial Amount which I had given her to open the FDs and she loans me the Interest Part of the FD at nominal rate of 8%.
Thanks & Regards
3 years back, I had closed 3 of my ULIP Insurances. Insurance companies had transferred the settlement amount of my bank account. I then issued a cheque to open FD account in name of my Wife (who is a teacher). Duration of these FD were 3 years and about to mature in month of August. For these 3 years, I have been filing ITR on behalf of my wife which includes the Interest earned every year from the FD as other source of income. The Maturity Amount of the FD will be direct transferred to my Wife's account.
I need your expertise to help me understand the outcome of below scenarios on my ITR
Scenario I: What happens if my wife returns me the Initial Amount which I had given her to open the FDs and she keeps the Interest Part of the FD.
Scenario II: What happens if my wife returns me the Initial Amount which I had given her to open the FDs and she loans me the Interest Part of the FD at nominal rate of 8%.
Thanks & Regards
20 April 2017
1 The interest earned on FD is taxable in your hand irrespective of the proposed transfer in both scenarios.
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