Interest earned on fixed deposit made by wife
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
06 January 2014
Dear Sirs,
If a husband gives Rs25,000 to his wife who make a deposit of the said money with a bank. The FD is made in the name of the wife. Now in whose hand the interest earned on the FD will be taxable? Whether the provisions of clubbing of income will be applicable here?
Thanks.
If a husband gives Rs25,000 to his wife who make a deposit of the said money with a bank. The FD is made in the name of the wife. Now in whose hand the interest earned on the FD will be taxable? Whether the provisions of clubbing of income will be applicable here?
Thanks.
06 January 2014
Hi,
Where the assets transferred directly or indirectly, by an assessee to his spouse are invested by spouse in the business, then proportionate income arising from such investing activity is to be clubbed in the income of the transferor.
Thanks
Where the assets transferred directly or indirectly, by an assessee to his spouse are invested by spouse in the business, then proportionate income arising from such investing activity is to be clubbed in the income of the transferor.
Thanks
06 January 2014
as such yes. however, if you can establish that the wife has made the deposit out of the money given to her to defray the household, clubbing can be avoided.
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