Tax liability on gifts
This query is : Resolved
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?
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.
Deduction of Rs. 1,500 will be allowed from such clubbed income.
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