12 October 2011
MY CASE 1. My Father has transferred to me RS 20 lakh through Account payee cheque. 2. This 20 lakh RS are Pension benefits which are exempted under my father's hand because of Govt. employee. 3. I have deposited this money in different Fixed Deposits in various nationalized Banks. 4. On which I am earning INTEREST INCOME for which I have already submitted Form 15 G with my PAN. MY QUERY 1.I want to know whether this interest income is taxable under my hand or in my father's Income. 2.Whether IT dept. will assume it as gift or not There no gift deed made and money is not transferred by Gift cheque.
please tell me the correct treatment from Income Tax point of view.
12 October 2011
As it was a Account payee cheque there is nothing harm from the IT department.As you said gift deed has not been made till now than you can make it now.Please contanct a stamp vandor.Stamp paper may available with him.If your interest income is more than the tax slab then you have to pay tax.
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