Reg:my father total monthly income.

This query is : Resolved

sanjay kumar (Querist)
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06 June 2015 sir,
my father is a pensioner drawing monthly pension of RS 9000. he has some fixed deposit and earns interestRS7500monthly.the
source of the fixed deposit was PF amt.
my query is wheather interest amt. will be
added to pension amt. for computation of total income or not.
If interest income is to be added,then is there any way to avoid this?
Actually,i am a bank employee and my bank has fixed total monthly income of RS 10000 per month for parents to be dependent on me. I want to include my parents as dependent on me for the purpose of LFC ,medical etc.
threfore you are requested to kindly clear
my doubts and suggest me what to do?

thanking you
sanjay kumar

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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07 June 2015 Pension will considered as salary income and interest income will be considered as other income for income tax purpose, both will be added.
Transfer fixed deposits in your name it will be treated as gift. For this transfer no tax payable. But you are liable to pay income tax on it whereas in your father's hand it is exempted due it is below basic exemption limit.
You have to choose which is best option.

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