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Bank FDs- transferring between spouses
Me & my wife have certain FDs in Bank. To alleviate lesser tax/no tax, can we transfer FDs among ourselves so that net tax on the interest income of respective individual will be less or NIL. If so, how this transfer will to be treated i.e., as gift or so & any document(s) required to be kept for future reference for effecting such transfer of deposits? I'm a pensioner & my wife a Home Maker.
Replies (17)
How much is the estimated interest ?
Are you senior citizen ?
Are you senior citizen ?
You can treat it as gift...
If it below or near BEL then it is not required to do such adjustments.Instead choose tax saver FD for 80C deduction
Yes certainly not a issue
How much is total FDs and estimated interest and your age ?
Estimated interest around 3.83L for me & 97K for my wife, both Sr.Citizens, 70 & 66 years, me also getting around 3.22L pension from my ex-employer & dividend from Equities & MFs around 75K for me.. My wife doesn't have any other income.
Welcome raja sir🙏🙏
we need your valuable guidance in query fourm
we need your valuable guidance in query fourm
50000/- standard deduction will be allowed against pension and 50k deduction can be availed u/s 80TTB.
And Make 1lac tax saver FD .
Claim medical bills and health insurance around 50k to 80k ..Tax will be minimised to maximum extent..
And Make 1lac tax saver FD .
Claim medical bills and health insurance around 50k to 80k ..Tax will be minimised to maximum extent..
I have exhausted 80C to the full extent & this FY 2021-22, my Taxable income crossed 5L , after all deductions 80D, 80TTB etc &still I'm paying around 15K tax, whereas my wife's Taxable income comes around 2.83L, so she need not pay tax. Hence want to shift some deposits in my name to her name. How can this be done professionally & without any legal or tax implications. Please advice me.
If you have taken any funds from her in the past then transfer it back to her ..Make FD in her name ..
You have good idea to minimise the tax but make sure that it will not attract clubbing provisions
You have good idea to minimise the tax but make sure that it will not attract clubbing provisions
Yeah, recently some deposits were transferred into my name, which I can re-tranfer now, when some deposits of mine are due in the near future.
What's 'Clubbing provisions'? I don't get it.
What's 'Clubbing provisions'? I don't get it.
If the funds are belongs to you and if you transfer to wife just to minimise the tax then the interest from those funds will be taxed in your hands as per clubbing provisions..
Oh, I see. Thanks for the info.
But re - transfer may not attract clubbing provisions
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