EASYOFFICE
EASYOFFICE
EASYOFFICE

Tax liability on gifts

This query is : Resolved 
Profile Image

Profile Image

(Querist)
28 December 2013 a father has gifted 5 lacs to his minor child then deposit this amount in fd.in name of child. whether interest income on this fd will taxable and clubed in fathers income or not?
Profile Image

CA Siddhartha Bhardwaj

Profile Image

CA Siddhartha Bhardwaj (Expert)
28 December 2013 Yes the income will be clubbed in the hands of the father.
Deduction of Rs. 1,500 will be allowed from such clubbed income.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Join CCI Pro
CAclubindia's WhatsApp Groups Link


Similar Resolved Queries


loading


Unanswered Queries


EasyOFFICE CCI Pro

Trending Online Classes

view all classess


Answer Query



Quick Links