I am not a financial advisor, and tax laws can vary by country and region, so it's essential to consult with a tax professional or authority in your specific jurisdiction for accurate advice. However, I can provide some general information on this matter.
In many countries, the tax treatment of interest income depends on the ownership of the account and the individual's tax residency status. If you deposit Rs 10 lac in the name of your housewife, the interest earned on that amount will typically be taxed under her name, assuming the account is solely in her name.
If your housewife has little to no other income and falls below the taxable income threshold, she might not have to pay taxes on the interest earned. However, tax laws can be complex, and there might be specific regulations regarding the taxation of spousal income or gifts.
It's essential to consider the tax implications carefully and comply with the tax laws in your country. In some cases, there may be limitations on gifting or transferring large sums of money between spouses to avoid tax evasion or other issues.
To ensure you have accurate information and are compliant with the tax regulations in your country, consult with a qualified tax advisor who can provide personalized advice based on your specific financial situation and local tax laws.