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Clubbing? wife makes fd from funds from husband

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yashsr (Querist)
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01 August 2013 A Husband transfers Rs.5 lacs to his wife. The wife makes a FD of the same. Will this be clubbed in husband's income or will be taxable under Wife's name? If yes, under which Section?

CA UMESH DULAL

CA UMESH DULAL (Expert)
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01 August 2013 Interest earned from FD is clubbed in the hands of Husband.

any income earned by investing interest income from FD will be taxed in the hands of wife.

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CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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01 August 2013 Section 64(1)(iv).
.
Interest Income to wife will be clubbed in the hands of the husband as the funds were, belonging to the husband, originally.

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