Amit Vasant Dandekar (Finance Professional) (34 Points)
07 July 2016I want to transfer some amount to father as gift and make Fixed Deposits in his name for his maintenance.Will FD Interest clubbed in my income in the first year and from 2nd year it will be included in his income?
CMA Poornima Madhava
(CMA)
(13112 Points)
Replied 07 July 2016
I think clubbing provisions might not be applicable in this case. Gift of money to father is not taxable in the hands of recipient. But interest thereon would be taxable in his hands for all the applicable years.
Vishal Goel
(Chartered Accountant)
(1688 Points)
Replied 12 July 2016
Clubbing provision wont apply...
CAclubindia
