Clubbing of income

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CA Sweta (Querist)
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26 April 2016 If father transfer maturity amount of his fixed deposit in major daughter's a/c and later on daughter make fixed deposit out of this amount..income in form of interest on fixed deposit be clubbed in income of father right?

What is other way through which father give maturity amount to daughter and clubbing provision does not apply

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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26 April 2016 Such income of daughter will not be clubbed in the hands of father.

Rupesh Jain

Rupesh Jain (Expert)
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26 April 2016 father can make gift deed and give fdr as gift .
interest income not clubbed in hand of father

CA Sweta

CA Sweta (Querist)
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27 April 2016 Sir my question is why such fdr interest not clubbed in hands of father because source of interest income for daughter is without consideration received from father

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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27 April 2016 It will be treated as gift. Clubbing provisions applicable only gift to spouse and minor children.

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