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Opening a recurring deposit

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Querist : Anonymous

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Querist : Anonymous (Querist)
10 August 2013 An individual want to transfer Rs. 25000/- p.m. to bank account of his mother so that Rs. 25000/- p.m. may be transferred to Recurring Deposit account of his mother.

Please advise in context of income tax provisions.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
10 August 2013 Son's wife may object, Income Tax Act does not have any restriction. The son can willingly do so.
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Querist : Anonymous

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Querist : Anonymous (Querist)
10 August 2013 Whether interest on recurring deposit would be taxable or exempt under income tax provisions.
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