banner_ad

Can my spouse transfer principal amount

This query is : Resolved 
Avatar

Querist : Anonymous

Profile Image
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
Profile Image

CA R SEETHARAMAN

Profile Image

CA R SEETHARAMAN (Expert)
20 April 2017 1 The interest earned on FD is taxable in your hand irrespective of the proposed transfer in both scenarios.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
19 May 2026
Article, CA & Paid Assistant Positions

Aggarwal Sarawagi and Co

New Delhi

CA

View Details
Company
ARTICLESHIP 09 June 2026
Article Trainee

Numbertree LLP

Mumbai

CA Inter

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
04 June 2026
Semi Qualified CA

Goyal Puneet & Associates

New Delhi

CA Final

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
Featured 27 May 2026
Lead Conversion Executive / Sales Closing Executive

SMJ global advisors pvt ltd

New Delhi

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details