Clubbing of Income and SFT-005 (of 26AS)

Tax queries 171 views 3 replies

Dear Experts,

I intend to transfer a sum of Rs. 15 lacs, to my wife’s bank account, to enable her to open fixed deposits. This amount is realized from the sales of company shares held on my name. We both are retired Senior Citizen Tax Payers.

  1. Will this be considered as clubbing of income?
  2. As this transaction amount will be included in my wife’s 26AS, under SFT-005 of Part E, does she have to do anything about this?

Thanks in advance for your valuable opinion and time.

Replies (3)
Post values to enable to judge correct position.

If you are transferring the amount from your bank account to your wife's bank account...

1. Clubbing of income will apply over interest of FD made by your wife.

2. Doubtful, as the broking house will not directly transfer it in your wife's account, when transaction has taken place with your trading account.

What kind of values?

 


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