1. my father sold a plot for rs 5 lakh and out of retirement benefit amount rs 5 lakh were gifted to me by a/c payee cheque. I got FD rs 10 lakh in my name and getting intt rs 36000 p.a and filed form 15G to bank in respect of interest. FD and form15G are in name of mine. So my query is whether this rs 10 lakh is exempt in hand of me and no need to report in my return but file ITR for rs 36000 for FD intt in my hand. OR should show as clubbing in my father income ?
2. whether this clubbing is for first year of FD or forever because FD is in my name and i am major but dont have income now?
3. which ITR is required to be filed for father and me?
CAclubindia
