Kushal Pande (CFO) (256 Points)
04 May 2017Husband and wife both happen to be pensioners.
Husband gifts wife, X amount of money or, vice versa.
Wife/Husband then opens FD with that X amount obtained as gift and sources some amount from his/her own funds, say Y.
So,... FD principal = X (gift) + Y (own)
Will clubbing provisions apply on the interest earned?
Kushal Pande
(CFO)
(256 Points)
Replied 04 May 2017
Even when both are earning independently and on individual capacity?
Sunil Sharma
(CMA & CS)
(584 Points)
Replied 04 May 2017
Sunil Sharma
(CMA & CS)
(584 Points)
Replied 04 May 2017
Kushal Pande
(CFO)
(256 Points)
Replied 04 May 2017
| Originally posted by : Sunil Sharma | ||
 |
He or she whomever has gifted can club only the gifted amount with the person having or showing more income compared to each other. . |  |
Husband and wife both are pensioners and are earning independently and on individual capacity. Both are separate tax assesses and have been filing returns.
1] Husband gifts Wife, 'X' amount
2] Wife does FD with 'X' and earns 'Y' amount as interest on 'X'
Gross income of Husband = 20 lacs
Gross income of Wife = 15 lacs
'X' as gift won't be subjected to taxation.
But the interest earned i.e., 'Y' will be added to whose income?
CA Rashmi Gandhi
(Chartered Accountant)
(86308 Points)
Replied 05 May 2017
CS Advocate Abhishek Goyal
(M Com FCS LLB M-AIMA )
(13614 Points)
Replied 08 May 2017
'Y' will be clubbed with the income of husband. assuming that 'Y" is the interest earned on "X' i.e. the amount which was gifted by husband to wife as clubbing provisions are applicable only on income earned on investment of amount gifted.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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