Issue relating to gift.
This query is : Resolved
21 December 2010
A person being father can transfer a Fixed deposit of Rs.25,00,000/- to his daughter on the occassion of her marriage. (1) Whether it is taxable/ not (2) Whether interest on fixed deposit is chargaable to tax or (3) whether if interest income is clubbed with her father's income?
22 December 2010
The transfer is not taxable and exempt u/s 47 in the hands of father. Also its not taxable in the hands of daughter since received from relative and on the ocassion of marriage.
Regarding interest of fixed deposit it will be chargeable in the hands of daughter.
No income is clubbed with father if child is major.
Regarding interest of fixed deposit it will be chargeable in the hands of daughter.
No income is clubbed with father if child is major.
22 December 2010
Preeti is correct and child is major only as she is getting married.no need of clubbing of income.
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