Gift Tax & Clubbing of Income

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Vikash (Querist)
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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.?

Vikash

Vikash (Querist)
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15 March 2010

Vikash

Vikash (Querist)
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15 March 2010 Dear members, Please reply

CA Ravi Sisodia

CA Ravi Sisodia (Expert)
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15 March 2010 In 2ed year, interst on deposit will be club in your income.

Vikash

Vikash (Querist)
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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

Vikash

Vikash (Querist)
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27 October 2010 Dear Experts

Please help

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