income tax on the interest earned from the gift deed amoint

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prathibha mn (Querist)
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09 February 2017 my father has given a gift deed of rs. 500000 for my mother from his salary income for which he has paid tax already...now my mother has made fixed deposit in her name for the amount and she is getting interest for the same.she is a house wife..now the income from interest is taxable for my mother or father?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2017 The interest is taxable in the hands of your father only in view of clubbing provisions.

prathibha mn

prathibha mn (Querist)
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09 February 2017 OK..do we have any article regarding the clubbing provisions for fixed deposit? if I give the same amount to my mother in law,who is dependent on my father in law and if she gets interest from the fixed deposit does the same rule exist?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 February 2017 Clubbing provisions applicable only to spouse and minor children.

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income tax on the interest earned from the gift deed amoint

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