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FD in name of wife

This query is : Resolved 

If any person receives funds in form of retirement benefits on his retirement & he invested same in his wife's name in Bank FD. Whether he can show income from this fd in his wife's return.

any other formalities are required for giving funds to wife


No the same will be clubbed in the hand of the husband

WHY

clubbed in the hand of the husband

Plz check Sec 64 for the details

GIFT DEED IS NOT POSSIBLE

GIFT DEED IS POSSIBLE IN SUCH CASE. HUSBAND CAN GIVE GIFT HIS WIFE FROM HIS RETAINED RETIREMENT BENEFITS AFTER PAYING INCOME TAX . IF HUSBAND IS INCOME TAX ASSESSEE, AND HE HAS PAID INCOME TAX ON HIS INCOME , THEN HE CAN GIFT FROM HIS RETAINED EARNING TO HIS WIFE.
OTHER'S EXPERTS VIEWS ARE SOLICITED.


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