My money into wife bank account
This query is : Resolved
09 March 2013
Sir, I had availed permanent withdraw from my gpf rs 6 lakhs for purchase of house but I could not buy.I then transferred the amount into my wife account by cheque. My question is whether the interest in my wife account will be her income or mine and whether I will have to pay income tax on that
CA Mukesh Jain S
(Expert)
09 March 2013
Interest will be taxable in your hands & not your wife since the money is t/f without any consideration
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