Gift from mother
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 February 2015
Dear sir,
My mother was a government employee. She had received around Rs. 10 lacs after her retirement. She had gifted me Rs. 7.5 lacs and 2.5 lacs to my spouse. I have made a FD with Bank In my name of Rs. 7.5 lacs (received as a gift) and 2.5 lacs in name of my spouse (received as a gift). I and my spouse both are doing professional work and files our income tax returns.
I would like to know that whether income received from interest on FDR will be taxable in my hand or will be clubbed in the income of my mother..?
As I and my spouse both are paying tax on interest income.
Please guide us.
My mother was a government employee. She had received around Rs. 10 lacs after her retirement. She had gifted me Rs. 7.5 lacs and 2.5 lacs to my spouse. I have made a FD with Bank In my name of Rs. 7.5 lacs (received as a gift) and 2.5 lacs in name of my spouse (received as a gift). I and my spouse both are doing professional work and files our income tax returns.
I would like to know that whether income received from interest on FDR will be taxable in my hand or will be clubbed in the income of my mother..?
As I and my spouse both are paying tax on interest income.
Please guide us.
CA M Indani
(Expert)
28 February 2015
Prepare simple gift deed on rs.100 stamp paper... thn u may show interest income as urs
02 March 2015
int income will be taxable in your and yours spouses hand only and no clubbing is applicable.
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