Clubbing of Income

This query is : Resolved

(Querist)
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06 July 2010 Hi

Assessee has deposited 10 lakhs in the bank in the name of his spouse.Spouse doesnt have any income.Now, the interest on those deposits has to be taxed in the hands of the spouse?

Or should the assessee be taxable for that interest u/s 64?

Please reply

CMA. Dinesh S Adhikari, ACMA

CMA. Dinesh S Adhikari, ACMA (Expert)
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09 July 2010 u/s 64(iv) this interest will be taxable in the hands of Assessee.

and even if later on spouse of the assessee invests this interest and earn any other amount then also that earned amount will be taxable in the hands of assessee only.

Regards!!!