06 November 2019
Dear Sir/Madam, Subsequent to retirement, the money received on account of Gratuity, Commutation, Leave encashment etc., were shown in the Return as Exempted income . The income was assessed for the Assessment year AY 2019-20. . A small amount out of this retirement benefit around Rs. 10 lakhs was gifted to Spouse and the same is kept as FD in a Co operative Bank. The interest arising for FD goes credited to Spouse's Account.. Now it is sought to submit Form 15 G signed by Spouse in whose name FD is kept for the AY 2019-20.. Otherwise, an amount equal to 10% of the interest received for the financial year 2018-19 will have to paid in the name of Spouse, since no TDS was done by the Co operative Bank. The total income from this FD does not cross even one lakh per year and the spouse is not earning other than this interest. If the clubbing provisions applies, then giving 15G is not possible. What is to be done in such instance. KIndly through some light.
CAclubindia
