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Tax liability on gifts

This query is : Resolved 
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(Querist)
28 December 2013 a father has gifted 5 lacs to his minor child then deposit this amount in fd.in name of child. whether interest income on this fd will taxable and clubed in fathers income or not?
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
28 December 2013 Yes the income will be clubbed in the hands of the father.
Deduction of Rs. 1,500 will be allowed from such clubbed income.
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