Interest on fd gifted to relatives?
This query is : Resolved
Querist : Anonymous
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.
plz reply early!
thanks in advance.
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.
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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