Dear All,
If a Person has Fixed Deposits and he earns Interest from those Deposits which is taxable in the hands of that person. now my query is if he Gifts those deposits to his wife u/s 56 of IT Act, in whose hands Interest from Fixed deposits is taxable? whether his wife or himself?
Thanks in advance.
Interest on FD is taxable.
If FD is gifted to his wife, the interest accrued shall be taxable in his own hands.
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