I am given loan to my wife 20 lakhs without interest. Amount invested in Senior Citizen Saving scheme and interest received. Interest income my income or wife income. Interest received from interest amount. Please clarify the position
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Loan to wife and interest income husband income or wife income
Replies (2)
| Type of Income | Taxable in Hands of |
|---|---|
| SCSS interest generated from the loaned ₹20 lakh | Husband |
| Further income generated by reinvesting that interest | Wife |
I am given loan to my wife without interest and money not premantely transfer in the hand of wife. Wife return the loan , so I think section not apply for interest received from Senior Citizen Saving scheme
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