Fixed deposit / SCSS related query
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if i transfer 10L or more from my account to another joint account(me & in my wife's name) and open FD/SCSS in my wife's name with her pan card thn under whose income it will be taxable.
s-Certain C.A is claiming on youtube that it will be taxable under my income.
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https://www.desidime.com/discussions/fixed-deposit-scss-related-query?page=1#post_10227042
Gift ka provision kyu nahi lagega yaha? Club hona chahiye na sender ki income me
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https://www.desidime.com/discussions/fixed-deposit-scss-related-query?page=1#post_10227039
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https://www.desidime.com/discussions/fixed-deposit-scss-related-query?page=1#post_10228905
The interest will be clubbed with the spouse.
Tax implication in transaction between spouse : According to income tax regulations, transfers as gifts between spouses are exempt, meaning these transfers are not categorized as taxable income for the recipient. However, any income generated from the utilization of such transferred funds may be considered as income in the hands of the donor.
https://www.desidime.com/discussions/fixed-deposit-scss-related-query?page=1#post_10231130
Is it auto fetchable in Ais/Tis/26as like my other source of income...if not what happen if i dont declare it in my itr
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https://www.desidime.com/discussions/fixed-deposit-scss-related-query?page=1#post_10255752
yes
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It will be charged under your wife's income if her name comes in First holder/sole holder.
Also refer,
"Investments in SCSS qualify for income tax exemption under Section 80C deduction up to Rs150,000 per financial year. However, interest received on SCSS is fully taxable in the hands of the recipient. TDS is applicable if interest is more than Rs50,000 per year."