respected tax experts
in a situation huband lives abroad permanently and wife is in india
he sends her amount for FD. then how does the interest income will be taxed. please guide.
thanks in advance.
5 Replies
CA Raj Doshi
(Practising CA)
(8924 Points)
Replied 15 July 2020
Interest income taxable in the hands of the FD holder,generally 1st holder PAN mentioned on FD
SUSHANT BIDAYE
(597 Points)
Replied 15 July 2020
If the fd is in husband's name, interest income will straight away be taxed in his hands.
if it is in wife name, clubbing provisions would be applicable and still taxed in Husband's hands
if it is in wife name, clubbing provisions would be applicable and still taxed in Husband's hands
anupama
(industrial trainee)
(79 Points)
Replied 15 July 2020
But husband is taxpayer outside india then still income will be clubbed? and if yes then what would be tax rate
SUSHANT BIDAYE
(597 Points)
Replied 15 July 2020
Yes Indian income would be taxable at normal rates.
anupama
(industrial trainee)
(79 Points)
Replied 15 July 2020
But in whose hands as husband is outside tax payer and wife has no other income
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