28 February 2015
Dear sir, My mother was a government employee. She had received around Rs. 10 lacs after her retirement. She had gifted me Rs. 7.5 lacs and 2.5 lacs to my spouse. I have made a FD with Bank In my name of Rs. 7.5 lacs (received as a gift) and 2.5 lacs in name of my spouse (received as a gift). I and my spouse both are doing professional work and files our income tax returns. I would like to know that whether income received from interest on FDR will be taxable in my hand or will be clubbed in the income of my mother..? As I and my spouse both are paying tax on interest income. Please guide us.
CAclubindia
