Clubbing of income
This query is : Resolved
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
What is other way through which father give maturity amount to daughter and clubbing provision does not apply
26 April 2016
Such income of daughter will not be clubbed in the hands of father.
Rupesh Jain
(Expert)
26 April 2016
father can make gift deed and give fdr as gift .
interest income not clubbed in hand of father
interest income not clubbed in hand of father
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
27 April 2016
It will be treated as gift. Clubbing provisions applicable only gift to spouse and minor children.
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