Hi,
I have this situation, my father wants to gift some money to my wife. My wife is not working. So my question is if she creates an FD with the gift money, the income earned in the form of interest from the FD will be clubbed with my income or not?
Thank you.
As per section 60 .if any person has transferred any income without transferring the asset, then income club in the hand of transferor
therefore interest income on FD Not club in your income
but club in your father income .
Kothari Jain Patil & Chartered Accountants
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