B Gifted debentures of a company to Miss G on 15.09.2017. Miss. G married B's son M on 11.04.2018. Interest on debentures for the P.Y. 2020-21 paid by the company is ₹4,00,000. Such interest in the A.Y. 2021-22 shall be:

CS Executive · Tax Laws · PYQS · December 2021
B Gifted debentures of a company to Miss G on 15.09.2017. Miss. G married B's son M on 11.04.2018. Interest on debentures for the P.Y. 2020-21 paid by the company is ₹4,00,000. Such interest in the A.Y. 2021-22 shall be:
(A) Included in the total income of B u/s 64(1)(vi)
(B) Taxable in the hands of Mrs. M alone
(C) Included in the total income of M u/s 64(1)(vi)
(D) Included in the total income of M or B whose total income is more before including such interest

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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