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Interest on fund transfer to spouse

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19 January 2024 Dear Sir/madam,

Could you please advise on below query.
I have received critical illness insurance payout from insurance company.
Please advise whether I can transfer amount to wife bank account to make a fixed deposit. The reason I am asking is that interest on FD will get included in my taxable income if I do fixed deposit.

Thank you

Gajanan

19 January 2024 Savings bank interest earned will be clubbed in case of no fixed deposit.

19 January 2024 Sir, do you mean FD interest will not be clubbed? FD interest is taxable Invoice of spouse then?


19 January 2024 Fixed deposit interest also clubbed



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