mr.x deposited 2,00,000 on his daughter (who is major i.e.,24 years) .she is getting interest 20,000 per year .
mr.x deposited 80,000on his son (who is major i.e.,21 years) .he is getting interest 6,000 per year .
mr.x deposited 80,000on his wife(who is major i.e.,52 years) .she is getting interest 6,000 per year .
the total amount of 3,60,000 is mr.x's only and no need to give back to mr.x
how much amount will be inculded in the mr.x total income
Only interest of his wife will clubbed in the income of Mr. X....because Rs. 80000 is treated as amount transfer by Mr. x to his wife without adequate considration.
Agree with Mr.Vishal Rana,
Interest income of his wife Rs.6,000/- will be included in the total income of Mr. X.
Interest income earned by his daughter and his son (both major) will be included in their total income and not in Mr. X.
CAclubindia
