Clubbing of income
This query is : Resolved
13 September 2016
A PERSON GIFTED HIS WIFE RS. 5,00,000 ; 4 YEARS AGO. SHE ( WIFE) HAS INVESTED THE SAID AMOUNT IN BANK FIXED DEPOSIT AND IS EARNING AN INTEREST ON BANK FDR. HUSBAND IS AN INCOME TAX ASSESSEE AND PAYING INCOME TAX AT A HIGHER SLAB; BUT WIFE IS NOT AN INCOME TAX ASSESSEE .
WHETHER HUSBAND HAS TO DECLARE INTEREST INCOME OF HIS WIFE IN HIS FILE U / S 64 OF THE I.T ACT FOR THE FIRST YEAR ONLY OR FOR ALL YEARS TILL THE MATURITY OF THE BANK FIXED DEPOSIT.
WHETHER HUSBAND HAS TO DECLARE INTEREST INCOME OF HIS WIFE IN HIS FILE U / S 64 OF THE I.T ACT FOR THE FIRST YEAR ONLY OR FOR ALL YEARS TILL THE MATURITY OF THE BANK FIXED DEPOSIT.
13 September 2016
For all years.but can exclude interest on interest.
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