Issue relating to gift.
This query is : Resolved
21 December 2010
A person being father can transfer a Fixed deposit of Rs.25,00,000/- to his daughter on the occassion of her marriage. (1) Whether it is taxable/ not (2) Whether interest on fixed deposit is chargaable to tax or (3) whether if interest income is clubbed with her father's income?
22 December 2010
The transfer is not taxable and exempt u/s 47 in the hands of father. Also its not taxable in the hands of daughter since received from relative and on the ocassion of marriage.
Regarding interest of fixed deposit it will be chargeable in the hands of daughter.
No income is clubbed with father if child is major.
Regarding interest of fixed deposit it will be chargeable in the hands of daughter.
No income is clubbed with father if child is major.
22 December 2010
Preeti is correct and child is major only as she is getting married.no need of clubbing of income.
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
- ITDS U/S.194T of Firm
- TDS CREDIT MISMATCHING
- Buy back of shares u/s69
- Tax Audit Applicability – Newly Formed Partnership Firm with Profit Below 6%/8%
- Difference between Date of Payment and Date of Deduction?
- Unregistered suppliers utility
- EXPORT COMMERCIAL INVOICE HSN CODE
- TDS AND ITR ISSUE
- Need Professional Opinion - AY 2012-13 Old Demand & AY 2026-27 Refund Adjustment
- Journal entry of busniess expenses
- Non-Compliance documents have not been submitted by the contractors debited
- RCM @ 5% on Hamali charges, Transport Charges, Unloading charges we take ITC or not
- CALCULATION OF DEFFERED TAX - OP BL IS DTL & CURRET IT DTA
- LLP audit under companies act
- Experienced CA recommendation from Kolkata for FNO return filing
- Interest Reporting in Form 168
- Sales of goods of amount Rs77 lakhs to a party
- Tax Demand of ₹4,650 for AY 2026-27
- Concept of Vendor and customner reconciliation
- Mistake in e-invoice identified after 24 hours
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
