A PERSON GIFTED HIS WIFE RS. 5,00,000 ; 4 YEARS AGO. SHE ( WIFE) HAS INVESTED THE SAID AMOUNT IN BANK FIXED DEPOSIT AND IS EARNING AN INTEREST ON BANK FDR. HUSBAND IS AN INCOME TAX ASSESSEE AND PAYING INCOME TAX AT A HIGHER SLAB; BUT WIFE IS NOT AN INCOME TAX ASSESSEE . WHETHER HUSBAND HAS TO DECLARE INTEREST INCOME OF HIS WIFE IN HIS FILE U / S 64 OF THE I.T ACT FOR THE FIRST YEAR ONLY OR FOR ALL YEARS TILL THE MATURITY OF THE BANK FIXED DEPOSIT.
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Clubbing of income
Replies (2)
For all the years, including renewal interest income also.
In This Case Clubbing Provisions apply and Whatever Income Wife Receives from This Funds is Begin Taxable in The Hand of Husband
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