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Fund Transfer to spouce and It amount made Fixed deposit as name of His wifes s accounting
sir , A individual is transferred sum amount to his wife account ( wife is housewife no worked so her no income) and deposited in as Fixed deposit.plwade give effect this transaction and income tax sec 64? this income which hand it is gift?
Replies (2)
The interest of the FD will be assessed in husband's file.
Clubbing of income will be there. There is no specific need of maintaining books of accounts for such transactions.
In case of any further queries, kindly mail me at casoravgupta @ gmail.com
Thanks & Regards
CA. Sorav Gupta
(Practicing Chartered Accountant)
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