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Clubbing

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(Querist)
10 December 2013 My client (X) is a private employee. Her wife (Y) is a housewife, with some interest income. Both have PAN nos. and they annually file their IT returns. Can X transfer money from his saving account to the PPF account of his wife, Y. He will not take tax benefit for the PPF contribution, but will the interest income be exempt or taxable.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
11 December 2013 PPF interest is exempt and exemption can be claimed by the husband also even if the income is clubbed.
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