Interest on fund transfer to spouse
This query is : Resolved
Quick Summary
Gajanan Vaidya
(Querist)
19 January 2024
Dear Sir/madam,
Could you please advise on below query.
I have received critical illness insurance payout from insurance company.
Please advise whether I can transfer amount to wife bank account to make a fixed deposit. The reason I am asking is that interest on FD will get included in my taxable income if I do fixed deposit.
Thank you
Gajanan
Could you please advise on below query.
I have received critical illness insurance payout from insurance company.
Please advise whether I can transfer amount to wife bank account to make a fixed deposit. The reason I am asking is that interest on FD will get included in my taxable income if I do fixed deposit.
Thank you
Gajanan
CA R SEETHARAMAN
(Expert)
19 January 2024
Savings bank interest earned will be clubbed in case of no fixed deposit.
Gajanan Vaidya
(Querist)
19 January 2024
Sir, do you mean FD interest will not be clubbed? FD interest is taxable Invoice of spouse then?
CA R SEETHARAMAN
(Expert)
19 January 2024
Fixed deposit interest also clubbed
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