babugr (dgm) (509 Points)
19 July 2014I have created 2 FDs in my children's names from my retiral benefits like pf, gratuity etc. they are students above 20 yrs age with independent PAN and bank a/c. the FDs are created as a gift. kindly clarify whether the intt. received in their a/c is clubbed with my income
babu
Z
( )
(2965 Points)
Replied 19 July 2014
At the time of making gift, they were majors?
If they were majors then income therefrom shall not be clubbed as income of minor child is clubbed
CAclubindia
