Hi guys,
I received an amount from my father as a gift .I put this amount in an FD in my name.The interest of this fixed deposit is credited to my wifes account monthly. So will i have to pay the tax for this interest credited to her account?
Another question is , if the interest for an FD in my name is credited to a joint account between me and wife..Can the tax to be paid be split between us.
I hope someone will be able to help me with these 2 questions. Thanks in advance.
Whereever interest is credited, you have to pay tax on it.
As long as FD is in your name and TDS is deducted in your name on interest accrued on FD, you will be taxable on that amount though the interest is credited to your wife account.
In case, the interest is credited to joint account which is attributable to you, then interest amount can not be split.
as per my knowledge the income from fd is to be clubbed in fathers return as the income on gifted amount is taxable in the hands of donor if the donee is mminor
Gupta Sachdeva & Co. Chartered Accountants
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