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Ramalingam

Ramalingam Kalirajan  |10270 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on May 06, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
K Question by K on Apr 11, 2024Hindi
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Sir.while in service I invested partly in my ppf and my wife ppf. Both combined is within 80 C limit.declared in Iitr. i am now retired .my wife ppf now matured. reinvested wife ppf proceeds jn SCSS In wife name. This interest from SCSS is taxable in whose hands

Ans: In the scenario you described, where your wife's PPF has matured, and the proceeds have been reinvested in the Senior Citizen Savings Scheme (SCSS) in her name, the interest earned from the SCSS would be taxable in her hands.

Since the SCSS is held in your wife's name, any interest earned on the investment would be considered her income for tax purposes. As per the Income Tax Act, the interest earned from SCSS is fully taxable, and it is added to your wife's total income for the financial year in which it is received.

Therefore, when filing taxes, your wife would need to include the interest earned from the SCSS in her income tax return and pay tax on it as per the applicable tax slab rates.

It's essential to keep accurate records of the interest earned from the SCSS and ensure that it is reported correctly in your wife's income tax return to comply with tax regulations. If you have any further questions or need clarification, it's advisable to consult with a tax advisor or financial expert.
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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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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I am getting chemical engineering in thadomal sahani, chemical engineering in MS Ramaiah and industrial engineering and management in MS Ramaiah institute of technology. Which one should I go for?
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Recommendation: Prioritize Industrial Engineering & Management at MS Ramaiah Institute of Technology for its exceptional placement rate, diverse career options, and dynamic curriculum, followed by Chemical Engineering at MSRIT for broader core opportunities; opt for TSEC Chemical Engineering only if location is a primary factor. All the BEST for a Prosperous Future!

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