Tax liability on gift to wife.

Share This Thread
  1. Kdgoyal

    Kdgoyal New Member

    I gave 2 lakes to my wife on loan and she invested in bank FDR.What are our tax liability?
  2. sai tejesh(

    sai tejesh( Active Member

    If it is a genuine loan i.e you are charging interest from your wife at prevailing market rates,then interest from fixed deposit shall be taxable in the hands of your wife.
    If no interest was charged by you,then assessing officer treat this as gift and will club this income in your hands.
    If less interest was charged than at prevailing market rates,then assessing officer will invoke 40(a)(2) and tax the balance interest in your hand as deemed interest.
    Fd interest is taxable in the hands of your wife.
Draft saved Draft deleted
Similar Threads Forum Date
Tax liability on gift to wife. Income Tax Oct 4, 2016
Income on gift of retirement befits to spouse- tax liability Income Tax Jun 20, 2015
Assets & Liability for ITR Income Tax Feb 16, 2018
Tax liability of Son posted abroad for employment Income Tax Nov 19, 2017
Asset & Liability Schedule Income Tax Jul 3, 2017