The Economic Times News

I gifted my wife Rs 10 lakh. Should I show it in my ITR or let her pay income tax on it?

ET Wealth Reader's Query: I gifted my wife Rs 10 lakh, which she will report as exempt income in her ITR. If she invests this amount in an FD, the interest earned will be clubbed with my income and shown in my ITR. How should she report this in her return to ensure the interest isnt taxed twice in both our ITRs?