Husband making FD in the name of Wife

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  1. Dear friends my uncle is working in a NLC earning more than 23 lakhs P.A. He wants to make FD on the name of the wife who is a home maker for the amount of 10 lakhs.
    What should i do? whether that interest on FD is subjected to add in his income or not.


    Then the next question is if that income can be show separately on his wife income means what is procedure for that. She is a none income holder.
     
  2. rudrabose

    rudrabose Active Member

    The income would be clubbed wiht the income of the husband.

    However, if it is given as an irrevocable gift to the wife, then the income would be taxed in the hands of the wife and not the husband
     
  3. kamal kishor

    kamal kishor New Member

    for making irrevocable gift to the wife what is procedure to be followed
     
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