Every month Husband trfs 30k into wife's acc.
and wife invests that money into FD.
now what will be the taxability???
n what about sec 64 ?
Can I show this transaction as
1. gift rced from husband : exempt for wife
2. int income from FD : ???
(taxable for wife? or sec 64 gets attracted??? )
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Taxability (gift, FD, Int)
Replies (1)
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Gift Amount: Exempt from tax in the wife's hands.
-
FD Interest: Taxable in the husband's hands due to the clubbing provisions under Section 64.
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Reporting: The husband should include this interest income in his tax return under "Income from Other Sources."
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Tip: If the wife reinvests the interest she earns, the returns on that new investment can be taxed in her name, which may be more tax-efficient.
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