Tax liability on interest income
This query is : Resolved
16 August 2017
My mother gifted 5 lakh Rs to my wife (Mother in law to daughter in law). What is the Tax liability on the interest earned from bank on this amount.In whose hands shall the interest income be taxed.Is there any requirement of a gift deed.
17 August 2017
Interest income's tax liability in your Your wife's hand.....
Yes gift deed is required. Then only it's treat your wife's name.
17 August 2017
Agreed with Raja Ji, but practically speaking Deed is not required.
Still you can get it drafted for your future reference.
Still you can get it drafted for your future reference.
17 August 2017
For future reference a communication from your Mother to your wife giving detail of mode of gift is advisable to be prepared. Also preserve copy of bank account of both showing the entry of payment and receipt of Rs. 5,00,000.00. A formal Gift deed not stamp paper is not necessary.
N Jain
group.blr@gmail.com
N Jain
group.blr@gmail.com
17 August 2017
Thanks Mr Raja, Mr Garg and Mr Jain for your valuable advice.
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