diff --git a/doc/release-notes-16185.md b/doc/release-notes-16185.md
index 14e4004f72..2567ebea40 100644
--- a/doc/release-notes-16185.md
+++ b/doc/release-notes-16185.md
@@ -1,3 +1,6 @@
 RPC changes
 -----------
-The `gettransaction` RPC now accepts a third (boolean) argument `verbose`. If set to `true`, a new `details` field will be added to the response containing additional transaction details.
+The `gettransaction` RPC now accepts a third (boolean) argument `verbose`. If
+set to `true`, a new `decoded` field will be added to the response containing
+the decoded transaction. This field is equivalent to RPC `decoderawtransaction`,
+or RPC `getrawtransaction` when `verbose` is passed.
diff --git a/src/wallet/rpcwallet.cpp b/src/wallet/rpcwallet.cpp
index 15531540c3..4bd5a4cc74 100644
--- a/src/wallet/rpcwallet.cpp
+++ b/src/wallet/rpcwallet.cpp
@@ -1655,7 +1655,7 @@ static UniValue gettransaction(const JSONRPCRequest& request)
         {
             {"txid", RPCArg::Type::STR, RPCArg::Optional::NO, "The transaction id"},
             {"include_watchonly", RPCArg::Type::BOOL, /* default */ "true for watch-only wallets, otherwise false", "Whether to include watch-only addresses in balance calculation and details[]"},
-            {"verbose", RPCArg::Type::BOOL, /* default */ "false", "Whether to add a field with additional transaction details"},
+            {"verbose", RPCArg::Type::BOOL, /* default */ "false", "Whether to include a `decoded` field containing the decoded transaction (equivalent to RPC decoderawtransaction)"},
         },
         RPCResult{
             RPCResult::Type::OBJ, "", "", Cat(Cat<std::vector<RPCResult>>(
@@ -1689,9 +1689,9 @@ static UniValue gettransaction(const JSONRPCRequest& request)
                             }},
                     }},
                   {RPCResult::Type::STR_HEX, "hex", "Raw data for transaction"},
-                  {RPCResult::Type::OBJ, "details", /*optional=*/true, "Additional transaction details",
+                  {RPCResult::Type::OBJ, "decoded", /*optional=*/true, "the decoded transaction (only present when `verbose` is passed), equivalent to the",
                   {
-                        {RPCResult::Type::ELISION, "", "Equivalent to the RPC decoderawtransaction method, or the RPC getrawtransaction method when `verbose` is passed."},
+                        {RPCResult::Type::ELISION, "", "RPC decoderawtransaction method, or the RPC getrawtransaction method when `verbose` is passed."},
                   }},
                 }),
         },
@@ -1748,9 +1748,9 @@ static UniValue gettransaction(const JSONRPCRequest& request)
     entry.pushKV("hex", strHex);
 
     if (verbose) {
-        UniValue details(UniValue::VOBJ);
-        TxToUniv(*wtx.tx, uint256(), details, false);
-        entry.pushKV("details", details);
+        UniValue decoded(UniValue::VOBJ);
+        TxToUniv(*wtx.tx, uint256(), decoded, false);
+        entry.pushKV("decoded", decoded);
     }
 
     return entry;
diff --git a/test/functional/wallet_basic.py b/test/functional/wallet_basic.py
index 36ee0309b6..3ee5eabbda 100755
--- a/test/functional/wallet_basic.py
+++ b/test/functional/wallet_basic.py
@@ -496,10 +496,37 @@ class WalletTest(BitcoinTestFramework):
         self.nodes[0].setlabel(change, 'foobar')
         assert_equal(self.nodes[0].getaddressinfo(change)['ischange'], False)
 
-        # Test "verbose" field value in gettransaction response
-        self.log.info("Testing verbose gettransaction...")
+        # Test gettransaction response with different arguments.
+        self.log.info("Testing gettransaction response with different arguments...")
+        self.nodes[0].setlabel(change, 'baz')
+        baz = self.nodes[0].listtransactions(label="baz", count=1)[0]
+        expected_receive_vout = {"label":    "baz",
+                                 "address":  baz["address"],
+                                 "amount":   baz["amount"],
+                                 "category": baz["category"],
+                                 "vout":     baz["vout"]}
+        expected_fields = frozenset({'amount', 'chainlock', 'confirmations', 'details', 'fee',
+                                     'instantlock', 'instantlock_internal',
+                                     'hex', 'timereceived', 'time', 'trusted', 'txid', 'walletconflicts'})
+
+        verbose_field = "decoded"
+        expected_verbose_fields = expected_fields | {verbose_field}
+
+        self.log.debug("Testing gettransaction response without verbose")
+        tx = self.nodes[0].gettransaction(txid=txid)
+        assert_equal(set([*tx]), expected_fields)
+        assert_array_result(tx["details"], {"category": "receive"}, expected_receive_vout)
+
+        self.log.debug("Testing gettransaction response with verbose set to False")
+        tx = self.nodes[0].gettransaction(txid=txid, verbose=False)
+        assert_equal(set([*tx]), expected_fields)
+        assert_array_result(tx["details"], {"category": "receive"}, expected_receive_vout)
+
+        self.log.debug("Testing gettransaction response with verbose set to True")
         tx = self.nodes[0].gettransaction(txid=txid, verbose=True)
-        assert_equal(tx["details"], self.nodes[0].decoderawtransaction(tx["hex"]))
+        assert_equal(set([*tx]), expected_verbose_fields)
+        assert_array_result(tx["details"], {"category": "receive"}, expected_receive_vout)
+        assert_equal(tx[verbose_field], self.nodes[0].decoderawtransaction(tx["hex"]))
 
 
 if __name__ == '__main__':