ICICI

Will the income from gift money (from my father) to wife be clubbed with mine


Sajal Agarwal   17 July 2019

Sajal Agarwal

 1 points

| My Other Post

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.

avater

Sanjiv Rajpoot   18 July 2019

Sanjiv Rajpoot

 449 likes  3152 points

View Profile | My Other Post

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 .

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