Cash gift

Mr.A & Mr.B are Brothers. Mr.A Rs.100,000/- Cash gift to Mrs.B.  Later Mr.B Rs.100,000/- cash Gift to Mrs.A.   Mrs.B Invest that Rs.100,000/-  in Fixed Deposit. Mrs.B Receive interest 5000/- from F.D.

My query is in whose hands that interest is liable for TAX?

Replies (1)
This is the case of cross gifts & the amount of interest is taxable in the hands of Mr. B

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