I retired this year and gifted my tax free retirement benefits like GPF to my wife for marriage of my daughter. She put this money in FD. She has no other income than interest on FDs. Interest income on FDs will be counted as my income or my spouseincome.
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Spouse income on gift amount from retirement benefits
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S64. (1) In computing the total income of any individual, there shall be included all such income as arises directly or indirectly
to the spouse of such individual from assets transferred directly or indirectly to the spouse by such individual otherwise than for adequate consideration or in connection with an agreement to live apart
Income will be clubbed in your hands. If the amount is high enough to attract TDS u/s 193 . The bank will issue TDS certificate in your wife's name therefore inform them that this is from your money and TDS certificate be issued in your name.
Otherwise she will have to file nil return to claim the refund of interest (If)
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