Gift (as FD)

Hi....

Mr. X, make FD directly from his bank account in the name of her spouse of Rs.10 lacs, if it is treated as gift, than FD assets wil shown in spous's books. & In Mr. X books it would be less from his capital account. than what treatment wil give for Interest receivable from FD, whether it wil clubbed with Mr. X's income or its treated as income of her spouse? please give ans.with reason.

whether 'Transfer' sec 64 will appliable or not?  Thank you