An Individual gifted Rs. 15,00,000/- to his wife during F.Y. 2009-10. His wife invested Rs. 14,50,000/- out of gift in Senior citizen Scheme. Interest earned on such Senior Citizen was clubbed under the income of her Husband who gifted her.
Now my question is shall the interest earned on such senior citizen scheme out of gift shall be again clubbed under husband's income for the F.Y.2010-11?? - it's urgent anyone with logical explanation..... i think it should not be clubbed in subsequent years!!
CAclubindia
