Clarification of sec 56 of It act, 1961

interest on fd  should be included in spouce income clubbing income provisions apply 

As per section 56(2)(Vii) any some of money received by an Individual or HUF from a person or persons agreegate of which exceeds rs 50,000. Such income would be taxable in handa of such Individual/HUF under the head income from other sourcea

But above provision is not applicable if gift received from a relative & spouse is covered under definition of related.Henxe there is no ques. about applicability of sec 56

Ans to ur 2nd ques.
Sec 56 doesn't apply of slab limit basis it is applicable as per above mentioned limits

Intereat received on FD ll be taxable in the hands of spouse under the head income from other sources

I hope ur query is resolved now.

Clubbing provisions will also apply

So far as gifted money is concerned being relative there will be taxability in the hands of recipient but interest income will be clubbed in the hands of spouse form whom gift is received and invested in FD.