Income tax for me
This query is : Resolved
Chinmay Majlikar
(Querist)
18 July 2024
I am a 63 year old person. I am retired from MSEB. I have transferred Rs 20 lacs to my 33 years old son. He has invested it in Fixed Deposit. What will be the income tax implication for me?
18 July 2024
If it is gift, no income tax over both of you for the gifted amount. The tax liability over the interest income will be over your son.
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