If a wife has taken a personal loan n amt received from it is deposited it as a FD, then the interest received from FD would be clubbed in the income of the husband or it would be the income of the wife, also the installment of loan is paid by the wife from the income saved by her from the household expenses...
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Clubbing of Income
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It is clearly difeined in act that any income arises form the "Stridhan" will deemed to be the same lady's income and not husband ut I will check further in depth and tell u right soon.
thanks a lot....
could u let me know the exact Section or any Case Law regarding the same.....
Clubbing proviso apply if their has been transfer of asset or any income . In this case the loan is taken by wife so income arising out of FD's will be taxable in hands of wife only. Its not concern that she is paying installment from her savings.
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