HI,
My father has given a gift of Rs. 10 Lakhs (His daughter in law) which has been kept in a fixed deposit.
My wife is paying higher rate of tax and my father is in the lower bracket of income tax. I would like to know if the interest income of my wife from the above gift can be clubbed with my fathers?
Thank you
nooo u cnt club
Income that arises from any assets which have been gifted to one’s spouse is clubbed with the income of the person making the gift. But in case of income earned on the income from the assets that have been gifted, like in case of reinvestment, it will not be clubbed with the income of the person making the gift. Such income will be taxed as the independent income of the recipient spouse.
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