Money transfer to mother by her son

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Nitin Kumar Mahipal (Querist)
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14 February 2014 What would be impact if son transfer his money in bank a/c to his mother by a cheque or NEFT and mother then make a FD to earn interest on that.

Whether the interest on FD will be clubbed in the income of Son or mother?

Kindly advice

@VaibhavJ

@VaibhavJ (Expert)
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14 February 2014 Hi

Interest on FD is to be clubbed in income of son.

Thx

AVTAR SINGH

AVTAR SINGH (Expert)
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14 February 2014 The interest income will not be clubbed in the son's income. In case of gift to mother, the clubbing provisions are not attracted. The interest income will be treated as mother's income.

Nitin Kumar Mahipal

Nitin Kumar Mahipal (Querist)
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17 February 2014 THANKS TO YOU ALL,

PLZ LET ME KNOW HOW TO EXECUTE A GIFT DEED TO TRANSFER MONEY TO MOTHER AND IS IT MANDATORY TO REGISTER IT?

AVTAR SINGH

AVTAR SINGH (Expert)
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17 February 2014 Girt of moveable asset can be written on stamp paper and there is no need to get it registered.

AVTAR SINGH

AVTAR SINGH (Expert)
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17 February 2014 Gift of moveable asset can be written on stamp paper and there is no need to get it registered.

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Nitin Kumar Mahipal

Nitin Kumar Mahipal (Querist)
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