Gift Tax & Clubbing of Income
This query is : Resolved
05 February 2010
If I gift a sum of Rs. 1,00,000/- to my wife and she put this amount in 3 years fixed deposit.
In the first year, interest earned on this fixed deposit is taxable in my file.
What about the interest earned on principle amount of Rs. 1,00,000/- in 2nd year? i.e. Other than Interest on interest earned on FD during 1st year.
How the income is taxed in consecutive years, generated on the gift received.?
In the first year, interest earned on this fixed deposit is taxable in my file.
What about the interest earned on principle amount of Rs. 1,00,000/- in 2nd year? i.e. Other than Interest on interest earned on FD during 1st year.
How the income is taxed in consecutive years, generated on the gift received.?
15 March 2010
In 2ed year, interst on deposit will be club in your income.
15 March 2010
Thanks, Mr. Ravi.
Please clarify, till when this interest keeps on clubbing with my income. Will it end someday or it’s for life long ?
Suppose on maturity after 3rd year the money is again invested some ware else or renewed the FD
Please clarify, till when this interest keeps on clubbing with my income. Will it end someday or it’s for life long ?
Suppose on maturity after 3rd year the money is again invested some ware else or renewed the FD
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