Exemption from clubbing of income with my wife on recurring deposits ?

POSTED BY vinay100 ON November 21, 2014 9:52 am NO COMMENTS

Hi all, I would like to know regarding the clubbing of income. I would like to know if my understanding about clubbing of income is correct or not? I open a recurring deposit for 12 months then the interest earned on the recurring deposit is clubbed to my income. However, After closing the recurring deposit if i my wife does a fixed deposit of the same lump sum amount earned through the recurring deposit then the interest earned on that will be her own income. My wife being a housewife  . Please clarify on this.. thank u

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