07 November 2009
Fact1: Assessee & his wife...both are holding PAN Cards Fact2: Assessee gives 2lacs to wife, via cheque. Fact3: Wife gets an FD made in a bank and enjoys Interest frm FD.
Question: Income from FD which wife is earning, to be clubbed with Assessee or not?? THANKS
I think section 64(1)(iv) is applicable. As per the provision of this section if an individul transfers any asset other than house property to his /her spouse, the income from such an asset shall be included in the total income of the transferor.
According to me it is taxbale in the hands of husband.
07 November 2009
Dear Sonia Mr. Satpal is right, it is clubbed in hands of husband because it is transfer of amount without or inadequate concideration
CAclubindia
