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Tax on interest earned from gifted/ transferred amount.
I am a retired employee and I have received some pensionery benefits such as gratuity etc. Now I like to give or transfer some money to my spouse and children. Who will bear the tax on interest earned from transferred amount.
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as per provision of clubbing you will be taxed at income received (interest) by your spouse and on interest earned by your children you or your spouse whose income will be in higher tax bracket will be taxed..
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