Gift + clubbing
This query is : Open
11 June 2015
if i give cash gift of rs.1 lakh to my wife & she invest in FDR (maturity 5yr) ; its intetest will get clubbed in my hand for 5 FY....
after 5 yr; she again invest same Rs.1,00,000 + interest earned say rs. 50,000.. total investment in fdr will be 150,000...
now interest earned on 50,000 is not taxable in my hand...
but will interest gained on that rs.100,000 be clubbed in my hand????..
will it will be taxable for lifetime in my hand on rs.100,000???
after 5 yr; she again invest same Rs.1,00,000 + interest earned say rs. 50,000.. total investment in fdr will be 150,000...
now interest earned on 50,000 is not taxable in my hand...
but will interest gained on that rs.100,000 be clubbed in my hand????..
will it will be taxable for lifetime in my hand on rs.100,000???
11 June 2015
yes. this you are right and interest on rs.100000/- would be taxable in your hands till the amount is invested in same form.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- House Property Reporting in ITR
- Internship/Academic shown in Salary Pay Slip of a Doctor
- TDS Claim year
- Liable to deduct tds and 44ADA
- Refund of 20%pre-deposit paid for stay application
- Rent lease agreement
- Relief u/s Section 89
- TDS Challan Code
- Nomination of Bank for refund in itr 2
- Section 56(2) of the Income tax Act 1961 , Gift to relative .
- Supply through E-commerce Operators
- STCG on ETF gold & silver
- E Commerce GSTR1 & 3B how to file
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
- Tax amount diff in Gstr1 and 3B in tax compare reports
- Tds on GST in connection with sale to public company
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
CAclubindia
