Nomination in fd

Janaki (Account Assistant) (93 Points)

29 April 2015  

Hello All,

Can anyone tell me the tax implications for FD s

One of my clients got FD amount arouns Rs.4000000, for which he was nominated by his aunt. After her expiry, He got the amount in his account. But he gave the amount to his cousines by cheque.

So, there is no money is there in his account. So, is there any tax implication on the part of my client? please let me know the same.

Thanks in advacnce...