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Interest on fd gifted to relatives?

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Querist : Anonymous

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Querist : Anonymous (Querist)
09 May 2013 if a person gifts his interest on fixed deposits to 5 relative, what wuill be the tax implications on him and the relatives???

plz reply early!

thanks in advance.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
10 May 2013 1. A person earns interest on FDR. Such interest is taxable in the hands of the individual.

2. The individual gifts the interest amount to his relative. At this point there is no tax implication in the hands of the individual as well as the relative.

3. Income earned from such interest shall be taxable in the hands of the individual if the gift was made to his wife or minor child.
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