Hi,
Can a wife transfer a sum of 25 lacs to his husband accounts to open an fixed deposit on his own name.
what will be the tax implication?
Thanks
Anupam
Menu
Tax related issue
Replies (3)
Hi Anupam,
Any sum received from a relative as gift is exempt from taxation [Sec.56(2)], and hence there's no tax implication on the transaction of gift itself.
However, please note that the income arising from the FD created out of such gift i.e. the interest on FD, shall be taxable as income from other source subject to clubbing provisions, whereby such income shall be clubbed in the hands of the wife. [Sec. 64]
Hope this was of help.
Bharat Manihar
Thanks for your quick respose.
what if the person on who's name the FD's are open are already a tax payer
The clubbing provisions apply here and there is no any difference in case where the person on who's name the FD's are open is already a tax payer or not.
clubbing provisions do not give any relief to the transferor in case where the tranferee is a tax payer.
Recent Threads
- E way bill expired penalty
- Best SME Focused AIF Funds in India for High Growt
- How does employee management software help in stat
- Clarification Required – Section 18 of Wage
- How to split freelance project income with a frien
- 194a for A y 2024-25
- Compensation & Benefits
- SAC code and GST rate transport services for anima
- Section 44AB is Gone — How Different is Tax
- Capital Gains from Cancelled Residential Project
Related Threads
CAclubindia
