Transfer of fd

This query is : Resolved

vishakha chawla (Querist)
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15 September 2011 Please help!!!

As my client has recd FD receipt of 30 lacs from his father though his father is nt alive now.They are not having will also as it is to be distribed among other brothers too.Is it taxable income or it is exempt as it is treated as tranfer (gift).Though Bank is giving them the whole amount.

Dintakurthi Tirumala

Dintakurthi Tirumala (Expert)
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15 September 2011 The FD amount will be exempted but income arising from investment of such amount would be taxable UNDER HUF STATUS.
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