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26AS showing SFT 005

TDS 365 views 1 replies

vikas garg

1 Points Joined August 2021

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?

Replies (1)

Dhirajlal Rambhia

SEO Sai Gr. Hosp.

210039 Points Joined July 2016

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.