fixed deposite

BHUMI SAVALIYA (CA) (130 Points)

23 October 2017

what is the tax effect in when i put fd of name of my father in law fron my saving money in bank???

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7 Replies

rama krishnan (12239 Points)
Replied 23 October 2017

clubbing provisions will attract for the interest amount accrued out of fd

1 Like

ASHUTOSH KUMAR (2 Points)
Replied 23 October 2017

i think your father name atteched in your fd

BHUMI SAVALIYA (CA) (130 Points)
Replied 23 October 2017

i have saving money n i want to put money as a fixed deposit name of my father of law.

1 Like

BHUMI SAVALIYA (CA) (130 Points)
Replied 23 October 2017

father in law

rama krishnan (12239 Points)
Replied 23 October 2017

as posted earlier, no tax implication on FD amount but clubbing provisions will attract on interest amount earned on that FD

RAJA P M ("Do the Right Thing...!!!") (128091 Points)
Replied 24 October 2017

Yes...
Interest is taxable...

BHUMI SAVALIYA (CA) (130 Points)
Replied 24 October 2017

n what is the accounting entry for money put in fd??

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