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Income tax
If I share 50% of my FD with my wife then will be there any tax liability for my wife?
Replies (7)
No tax arises on ur wife. Interest income on your FD clubbed with your income as clubbing prov apply.
FD interest income will be of 1st holder for income tax purpose
Not a joint a/c
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.
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.
Can you please tell me under which section income should be club with income of transferor .
Sec 64(1)(iv) retale to clubbing.
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