I have given my wife around 15L which is shown in her 26AS as SFT 005 transactions.
Can I show it as Gift to my wife?
So tax is applicable on me for her interest income?
How do I know the interest income she earn from this money as she also has her own FD?
In case if I dont show interest income in my ITR then whether Income Tax will know of it?
Income tax department already aware of the transaction. If the amount is invested in FD made by your wife, then the interest over the FD will be clubbed in your tax assessment. Or whatever income earned over the gifted amount by husband to his wife gets clubbed in Husband's IT file.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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