Hi all,
Mr. A is government employee. His income is taxable. Out of that taxable income he transferred ₹ 300000 to his spouse.
Spouse is house wife. She invested that ₹ 3,00,000 in fixed deposit. She earned interest ₹ 20,000.
Now my query is
1. In hands of wife which income is taxable 320000 or 20000. If 20000 is taxable, under which section ₹ 3,00,000 is not taxable.
Or
2. Clubbing provisions if any applicable to Mr. A
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what impact if taxable income transfer to spouse
Replies (7)
3,00,000 is taxable in the hands of Mr. X.
And interest income on FDR earned by spouse is below the maximum amount not chargeable to tax, hence not chargeable to tax.
And interest income on FDR earned by spouse is below the maximum amount not chargeable to tax, hence not chargeable to tax.
No tax liability over transfer of 3 lakhs, but clubbing provision apply over 20K.
The interest income is taxable in the hands of husband.
She is major how clubbing provisions apply just clarify it
Refer section 64(1)(iv) of IT act.
Answer is same if ₹ 300000 amount received from her father ( on ancestors property sold her father transferred)
No.
No question of clubbing in that case.
Interest earned will be assessed under her (daughter's) account.
Thank you sir for clarifying my query
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