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Can my mother's investment income from my funds be clubbed with my father's retired income?

T S Khurana |292 Answers |Ask -Follow

Tax Expert - Answered on Jan 13, 2025

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by Nilima on Jan 12, 2025Hindi

Money

If money is transferred to his mother (non earning Sr Ctz housewife) from Son's account, would the interest income on FD or SCSS investment made by his mother in her name be clubbed with husband's (retired Sr Ctz) income ?

Ans: No. Such income cannot be clubbed with the income of her husband, since the amount was not transferred by her husband to her account.
Most welcome for any further clarifications. Thanks.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Dear Sir i am 30% slab on tax and i have fds also . i believe only on FDs .but intrest also become taxable 30% . some body told me that if i transfer my fund to wife and son and fd there then no proble . please tell me that if i tranfer 25 lk to wife and make fds there is it taxable to me or not . is 25lk tansterd income become taxable to her or not only intrest taxable please clearify

Ans: Gift received from relative (spouse included in its meaning) is not considered as income from other sources and will not be liable to tax. Further, income earned by spouse from the amount invested will be clubbed in the hands of Husband (gift giver).

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If i transfer equity shares to my wife and when she sells the stocks i undersyand that clubbing will apply and it will be taxed in my name . Now when my wife reinvests this amount and sells it again now in this scenario will clubbing of income apply or will it now be taxed under her name..

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When I transfer money TO my father-in-law (wife's father), as per the Income Tax Act, this qualifies as a transfer to a relative and is not subject to tax ( as clarified in the last call ). In this situation, would the clubbing provisions apply (as they do with transfers to a spouse), where the income generated (profits) from the gifted amount is clubbed with the income of the person making the gift?

Ans: No. Clubbing provisions shall not be applicable in this case.
Most welcome for any further clarification. Thanks.

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Question by bulk - Sep 10, 2024Hindi

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When I transfer money TO my father-in-law (wife's father), as per the Income Tax Act, this qualifies as a transfer to a relative and is not subject to tax ( as clarified in in last message). In this situation, would the clubbing provisions apply (as they do with transfers to a spouse), where the income generated (profits) from the gifted amount is clubbed with the income of the person making the gift?

Ans: No. Clubbing provisions shall not be applicable in this case.
Most welcome for any further clarification. Thanks.

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Tax Expert - Answered on Jan 13, 2025

Asked by Anonymous - Jan 12, 2025Hindi

Money

Interest income of FD in non earning housewife's name is taxable in the hand of husband under clubbing of income. But as of now bank FD can not be opened without PAN number, so TDS deducted is only reflected in her pan account. So how clubbing of income will get reduced by the tds deducted in husband's it liability?

Ans: Under normal circumstances, Interest Income form bank deposits is not clubbed with the income of her husband, unless the amount of deposit has been transferred by her husband to her without any consideration.
Separate ITR needs to be filed in her case & you can claim TDS in her account.
Most welcome for any further clarifications. Thanks.

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Question by Deepak - Jan 13, 2025Hindi

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Tks a lot for the clear answers to my queries regarding transmission of shares. However, I would like some more clarification on custodial account for shares entitled to C. Custodial account for C will mean a brokerage account in name of C under guardianship of B or an account in name of B but under some category called as Custodial accounts? Alternatively, can the shares entitled for C be sold by B as C's legal guardian and then the sale proceeds be brought in India directly in a bank account in name of C under B's guardianship? Thanks in advance for the support.

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Hi, I am a 29 year old married man stuck between the career what to do and what not I have good experience in sales of around 6 years but not the proper pay as I am living in a city where there is no big companies no growth in terms of salary and in sales same thing from last 6 years that is 'calling' now I am wish to change the profile to digital marketing as it is in demanding stage and can learn and grow my skills as I am from technical background so please suggest me is it the right to switch the profile or remain in same profile and I am not getting the proper pay in my city but living because my parents are here

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Asked on - Jan 13, 2025 | Answered on Jan 13, 2025

Thanks sir for valuable feedback

Ans: Welcome Dear

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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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