I am retired person having pension income from EPS95, LIC annuities, Interest income and rental from house property. Out of my savings I gifted to wife and taken fd in bank. I want to know whether interest out of her fd is taxable. She does not have income and housewife.
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By paying gift, can avoid income tax
Replies (3)
Quick Summary
You need to show interest income in your ITR as per clubbing rules
The Interest on FD will be taxable and clubbed in your hand Sir. However you can claim Deduction under Section 80TTB of the Income Tax Act 1961 of Interest received from FD upto Rs. 50,000 if you are a Senior Citizen...
The interest received on FD will be clubbed in your hands and you can claim deduction under section 80TTB (senior citizen) upto 50000.
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