1) If I transfer 10 lacs to my spouse's bank a/c & my spouse invests it in FMP's,
do I have to pay income tax on the interest earned ? Who will get benefit of Long Term Capital Loss ?
2) If my spouse was to invest the money given in REC Tax Free bonds, then what happens ? ?
Thanks in advance to my learned friends who will care to answer.
Income earned by the wife from investments shall be taxable in the hands of the husband.
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Saini Pati Shah & Co LLP, Chartered Accountants
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