FD in name of wife

This query is : Resolved

Manisha (Querist)
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10 June 2010 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

Pankaj Jhawar

Pankaj Jhawar (Expert)
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10 June 2010 No the same will be clubbed in the hand of the husband

Manisha

Manisha (Querist)
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10 June 2010 WHY

CA. Gurdeep Singh Chawla

CA. Gurdeep Singh Chawla (Expert)
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10 June 2010 clubbed in the hand of the husband

Pankaj Jhawar

Pankaj Jhawar (Expert)
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10 June 2010 Plz check Sec 64 for the details

Manisha

Manisha (Querist)
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11 June 2010 GIFT DEED IS NOT POSSIBLE

CA. BIJENDER KR. BANSAL

CA. BIJENDER KR. BANSAL (Expert)
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12 June 2010 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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