Dear Members,
I have a query which I was not able to get on google as well.
In 2008, an amount of 100,000/- was invested by a father in Shriram P Ltd (Double Bond).
It was transfered to his married daughter in the year 2013.
The maturity amount of Rs. 200,000/- was received by the daughter, who is the assessee in the AY 2014-15.
Pl guide me about the taxability for the assessee ASAP.
Thanks.
Hello,
Income of the minor daughter (whether married or unmarried ) shall be clubbed with the income of parent under section 64(1A).
If the daughter is major then clubbing provision not apply. It will be taxable in her own hand.
interest upto date year 2013 is chargable in the hands of father and balance in the hands of daughter(only interst for 2014).rest amount is exempted under section 56.
Interest income paid/ accumulated on 100000/- from 2008 to 2013 ( till the date it was gifted) will considered income of Father, rest of the interest i.e. From the date of gift to date of maturity of FD will be considered Daughter's income. Total Interest will be Rs. 100000/- as the FD was of Rs 100000/-. FD amount + Interest part of Father will be considered as gift amount and in this case no further tax liability (i.e. Gift Tax). Any income now onwards on Rs 200000/- will be taxed to daughter.
Further, interest income is charged every FY from 2008 to 2013 in respective years of IT returns.
Naveen Fintech Pvt Ltd
Kolkata
CA Inter
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Gupta Sachdeva & Co. Chartered Accountants
New Delhi
CA Final
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