14 February 2014
What would be impact if son transfer his money in bank a/c to his mother by a cheque or NEFT and mother then make a FD to earn interest on that.
Whether the interest on FD will be clubbed in the income of Son or mother?
14 February 2014
The interest income will not be clubbed in the son's income. In case of gift to mother, the clubbing provisions are not attracted. The interest income will be treated as mother's income.
CAclubindia
