Gift + clubbing

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CA JAYESH RELKAR (Querist)
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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???

Ankur Singhal

Ankur Singhal (Expert)
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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.

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