What to do so that no IT notice will come?

Here One problem has arise as per section 64(1)(iv) clubbing provision will be appliable here as per this section any assets transferred by one spouse to another spouse withoud adequate consideration in this case income from such asset will be clubbed in the hands of transferor. Hence income from such assets is taxable in the hand of husband. The best way to invest in the name of spouse is to giving him loan and then make FD  means husband must give her wife certain amount as loan and then wife must have to invest in FD in her own name in this case no clubbing provision will applicable.

 

Dear Ashim,

The Amount of Rs.5Lakh transfer by Husband to his wife were tereated as Gift.

Interest on F.D is Taxable @ 10% Exceed of Rs.10000/- .  
TDS is Deducted from Interest Income. If she not comes in Taxable Income (Submit Form 15G/15H ) to bank for Exemption of TDS Deduction for Interest Income.

First off,FD interest is taxable whether the amount is ₹1 or 10K.
Steps suggested:
1)Claim tax deductions under Sec 80 C since FD is for 5 yrs
2) Disclose FD interest in tax return for every year.
3)Be upfront no need to file form 15 G/H.If u do file in the name of wife,what will you mention in source of income.

Sorry ignore Point 1 as FD is not for 5 yrs.And you can't claim tax deduction

Just clubbed the interest on fd in the hand of husband and feel free about

@ Thakur S Singh
Transfer of 5L by the way of gift wont attract Tax.
however income generated from such Amt will be clubbed in the income of transferor by the virtue of sec 64(1)(iv)

To avoid Tax
1. show it as a loan(even if its interest free) since clubbing provision is attracted only when there is a "transfer of Asset" and not when "Loan is extended"
2. submit 15G