RECURRING DEPOSIT
This query is : Resolved
26 July 2008
IF I(GRANDMOTHER) HAVE DEPOSITED FOR MY GRANDSON MONTHLY RS 1000 FOR 5 YEARS IN POST OFFICE RECURRING DEPOSIT .NOW AT MATURITY I GOT CHEQUE IN HIS NAME SINCE HE BECOMES MAJOR NOW WHETHER "INT ON RD" ON MATURIY WILL BE TAXED IN HIS HANDS?
IF YES WHETHER I HAVE TO EXECUTE SOME DEED FOR THIS ?
WHETHER HE CAN UTILISE THIS MONEY FOR ANY PURPOSE OR BY UTILISING THIS AMT SOME OTHER HAVE EFFECT?
IF YES WHETHER I HAVE TO EXECUTE SOME DEED FOR THIS ?
WHETHER HE CAN UTILISE THIS MONEY FOR ANY PURPOSE OR BY UTILISING THIS AMT SOME OTHER HAVE EFFECT?
26 July 2008
The amount deposited in cash in the RD a/c of the grandson on monthly basis is a gift to the grandson and as such the deposit belongs to the Grandson and the interest accrued thereon shall be the income of grandson.
26 July 2008
whether any kind of deed reqd be executed for this ?
whether amt can be used by grandson for any purpose or it will affect clubbing provision?
whether amt can be used by grandson for any purpose or it will affect clubbing provision?
27 July 2008
whether any kind of deed reqd be executed for this ?
whether amt can be used by grandson for any purpose or it will affect clubbing provision
whether amt can be used by grandson for any purpose or it will affect clubbing provision
28 July 2008
No, deed is not mandatory. Also, the clubbing will not be done.
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