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fixed deposit

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(Querist)
08 April 2009 If the income of three members of a family are deposited in the bank as fixed deposit in the name of a single member, is there any tax implications to it. All the members are filing the returns and are below the taxable slab. If a big amount is deposited in his name then is he answerable to the tax department
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CA CS CIMA Prakash Somani

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CA CS CIMA Prakash Somani (Expert)
08 April 2009 No, There is no implication.
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DEEPAK GOYAL

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DEEPAK GOYAL (Expert)
09 April 2009 its depend that the income is from cash or from bank, if cash is deposited in bank fixed deposit than he will be answerable to the tax department.
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