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Samkit

Samkit Maniar  |173 Answers  |Ask -

Tax Expert - Answered on May 26, 2024

CA Samkit Maniar has eight years of experience in income tax, mergers and acquisitions and estate planning.
He has graduated from Mumbai’s N M College of Commerce and Economics and has completed his CA from The Institute of Chartered Accountants of India."... more
Asked by Anonymous - Apr 30, 2024Hindi
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We are senior citizens. I am now retired.while in service I have contributed to my ppf act And also to wife,s ppf act .Both combined is within 80 C limit. My wife is only house wife. Now my ppf act is matured. She has deposited hef ppf amt in SCSS act. Is This interest on her SCSS act is taxable in my hands or in my wife .she is not an assessee so far. Kindly clarify

Ans: Whilst clubbing of income applies provided income is taxable. Hence amount deposited by you in her PPF account is not taxable. Once it matures and reaches her account she becomes owner of such asset and thereafter any interest ought to be taxable in her returns.

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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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Mihir

Mihir Tanna  |942 Answers  |Ask -

Tax Expert - Answered on Dec 20, 2022

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I am a retired govt. servant and get pension. Also I get Interest from Deposits, Saving and Acc. Int. I show this income in my Income Tax returns filed in Form ITR-1 SAHAJ. During the current Financial Year I have received the maturity amount of my PPF maintained in the Post Office. Out of the amount received I have a certain amount given as a gift to my spouse. She has invested the said amount received by her from me as a gift in the SCSS A/C and gets interest on that amount. I want to know whether the amount she receives as interest from the amount given by me is to be included in my income and to be shown in the Income Tax Return. If so, at what place i.e. in which column? I have to show the income so included as I do not see such places or column. In which I have to indicate this amount Sr. No. B3 Income from Other Sources along with the Interest received by me from Deposit etc. Since the amount of interest received by my spouse is included in my Income, Whether the said amount is also to be shown in her Income Tax Return or otherwise? As if it is to be shown in her return also then there will be duplication. This clarification is sought as I file my return myself and since the notice I or my wife may not get. I hope you will kindly guide me in this regard and oblige us. Thank you in advance.
Ans: If taxpayer directly or indirectly transfers an asset to spouse for inadequate consideration than Income from such asset is clubbed in the hands of the transferor. Transferor (taxpayer) should show such income in Schedule SPI of Income Tax Return filed by such tax payer in whose hands income is clubbed. No need to show said income in the income tax return of spouse. 

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