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Income tax

Ashish Pande (Finance Executive) (51 Points)

09 June 2017

If I share 50% of my FD with my wife then will be there any tax liability for my wife?

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7 Replies

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 09 June 2017

No tax arises on ur wife. Interest income on your FD clubbed with your income as clubbing prov apply.

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Shivani Thacker (.Student) (107 Points)
Replied 09 June 2017

FD interest income will be of 1st holder for income tax purpose

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 09 June 2017

Not a joint a/c

Ashish Pande (Finance Executive) (51 Points)
Replied 10 June 2017

I want to make separate FD of my wife. Not a joint account. I have FD of 2000000 & i am willing to make two separate FD of 1000000 each. There is no source of income of my wife. In that case will there be any tax on gain of 1000000 for my wife.

CA Rashmi Gandhi (Chartered Accountant) (86285 Points)
Replied 10 June 2017

No gift received from relative is tax free.

Also if gift is given to spouse then any income generated from such gift clubbed with income of transferor means interest income on FD of your wife included in your income.

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