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Interest on fund transfer to spouse

This query is : Resolved 
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(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
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 January 2024 Savings bank interest earned will be clubbed in case of no fixed deposit.
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Gajanan Vaidya

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Gajanan Vaidya (Querist)
19 January 2024 Sir, do you mean FD interest will not be clubbed? FD interest is taxable Invoice of spouse then?
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
19 January 2024 Fixed deposit interest also clubbed
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