29 November 2015
Sir,
I have a doubt in the following situation
if father give cash gift to son and son has invested that money in fixed deposit.
whether the interest earn on that money is taxable in hands of son??
please help
thanks
30 November 2015
Father can give gift to son. If gifted money is invested in FD by son and if son is a minor than only interest on FD will be clubbed in the hands of father subject to deduction of Rs. 1500/-. and if son is a major than no such clubbing and interest on FD will be taxable income of son.
CAclubindia
