income tax on the interest earned from the gift deed amoint
This query is : Resolved
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?
09 February 2017
The interest is taxable in the hands of your father only in view of clubbing provisions.
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?
09 February 2017
Clubbing provisions applicable only to spouse and minor children.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- STCG....................................................
- TAN for Partnership
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- Sales return eway bill
- Loan by Partnership Firm
- TDS related Query_Liquidated Damages
- Is it compulsory to File 10E if Income including Pension Arrears is below 12 Lakh for the F Y 25 26
- AY 26-27 ITR-4 FILING U/S 44-ADA
- Plot of land. Cost of Acquisition
- Free lancer income
- Long Term Service award taxability in hands of company
- Standard Deduction claim for EPFO Pension and ICICI Prudential Life Annuity
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
