Clubbing of income

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Radha (Querist)
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17 May 2019 I received certain amount after my retirement(PSU employee) and from that amount I made FD for 5 years in the name of my major son. Five years period is over . Now I want to take back that amount and want to make FD in the name of my wife. I want to know that whether this FD amount will be clubbed in my income or not

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 May 2019 Take it as gift from your son it will not be clubbed.

Radha

Radha (Querist)
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18 May 2019 It means my wife will show it as gift received from his son(any gift deed required). If she makes FD of that amount and then shows the interest income as her income then there is any problem arises or not?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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18 May 2019 No gift deed required have evidence for bank transfer no problem.

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Radha

Radha (Querist)
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18 May 2019 1)Further the source of son is not being asked in future? Or it will by default treated as gift from father??
2)How much amount father can give to his son??
3) Income generated from my spouse FD amount also not clubbed in my salary ??

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 May 2019 1 They may ask the source if your son has no taxable income.
2 No limit any amount can be gifted.
3 It will be clubbed if they know it's your fund.

Radha

Radha (Querist)
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19 May 2019 Please clarify in detail 3rd point

Radha

Radha (Querist)
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19 May 2019 Please clarify in detail 3rd point
You means if they know it's my retirement amount which I gave to my son and he is giving back to my wife and if my wife makes FD of the same amount then interest income will be clubbed in my income??
Why the son's amount is not treated as his only income after taking gift from his father?or it will still be treated as my amount directly

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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19 May 2019 Being a retired person take it as fund received from your son no clubbing will be there.

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