Kapoor gifted ₹10,00,000 to his wife Sunita Kapoor on 15th May, 2017. The amount of gift of ₹10,00,000 was invested by his wife in debentures of a company on 1st June, 2017 earning interest @ 12% p.a. The income of inter

CS Executive · Tax Laws and Practice · PYQS · December 2018
Kapoor gifted ₹10,00,000 to his wife Sunita Kapoor on 15th May, 2017. The amount of gift of ₹10,00,000 was invested by his wife in debentures of a company on 1st June, 2017 earning interest @ 12% p.a. The income of interest of .......... from the debentures earned by Sunita Kapoor shall be .......... with the income of Kapoor in A.Y. 2018-19.
(A) ₹1,20,000, not clubbed
(B) ₹1,00,000, clubbed
(C) ₹1,00,000, not clubbed
(D) ₹1,20,000, clubbed

Answer & Explanation:

Correct Answer: Option (B)

Official answer key: (B).

Topics: Income Tax Act, 1961

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