Income tax on court deposit held in child name

umesh (Asst. Manager) (33 Points)

05 March 2018  

Disrict Court awarded 28 Lakh compansation to my daugher for loss of mother in accident.

I have received 24 Lakh with interest, Court asked to deposit the award money as FD in a bank and allowed to withdraw monthly interest for daughter expenses.

I have included the interest received about 9 lakh during the case settlement in my income tax return since TDS deducted and FORM 16A was received in my Name.

Now my question is:-

1) Is FD interest earned monthly taxable ? If taxable how to show in tax return

Please advice

Regards

Umesh