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Interst received from bank

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Querist : Anonymous

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Querist : Anonymous (Querist)
07 February 2017 sssssssssssssssssss
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Sandeep Dharar

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Sandeep Dharar (Expert)
07 February 2017 Its this the way of asking the query??? First learn how to post a query then visit the site.
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 February 2017 Sorry Sir its by mistake, my query is still pending i.e. my client hold Rs. 10 lacs in saving bank a/c and earn interest income aprox. 60k, for tax planning he want to t/f such money into wife/son bank a/c. can he do this.
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Querist : Anonymous

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Querist : Anonymous (Querist)
16 February 2017 Sorry Sir its by mistake, my query is still pending i.e. my client hold Rs. 10 lacs in saving bank a/c and earn interest income aprox. 60k, for tax planning he want to t/f such money into wife/son bank a/c. can he do this.
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Sandeep Dharar

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Sandeep Dharar (Expert)
16 February 2017 U must understand that a person can transfer the money, but not taxability. So in the same way if the person transfer the amount he/she will transfer only the amount and not the interest portion. So Interest will b taxable in the hands of the transferor.
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Dhirajlal Rambhia

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Dhirajlal Rambhia (Expert)
04 October 2021 He can save tax over the interest to be earned in future, by transferring the capital in major son's account; but not in the account of his spouse.
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