07 July 2012
My son gave me 8.00 Lakhs as advance free of interest and the same is refundable to him as and when he needs for construction of a house. I put that amount in FDR for two years as I am senior citizen (entitled to earn one per cent interest more than the ordinary customers). This is not gift. This amount must be repaid to my son on demand. Please let me know if this 8.00 lakhs attracts income tax ? Please advis me suitably