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
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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.
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