Save BIG on 2-Yr Ad-Free CAclubindia Pro Membership. Subscribe Now!

Gift

Save Share

This query is : Resolved

snpathak (Querist)
Follow

12 February 2016 wife received a gift of Rs.600000/-from her husband.and she acquired FDR of thesame with bank out of making withdrawl from her bank a/c.Her husband has not shown fdr interest in his return of income for A.Y.2015-16 .His assessment has been completed u/s 143(1) of the i.t.act1961.wife has submitted FORM 15 G to bank for not deducting income tax.NOW she was served with notice from income tax department regarding fdr for Rs, 600000/-advise me what should i do.please guide me.

CS Advocate Abhishek Goyal

CS Advocate Abhishek Goyal (Expert)
Follow

13 February 2016 Since FDr was made out of gifted money from husband, the interest on FDR should have been clubbed with the income of the husband as per section 64. As of now you can only reply that the FDR was made out of funds gifted by husband. husband should also have creditworthiness to make such a gift. The wife should also file a declaration to the bank to deduct TDS in the name of husband giving his PAN since the FDR interest will have to be shown in his name as per clubbing provisions. Refer Rule 37BA of IT Rules in this regard.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now