Who will pay tax
This query is : Resolved
14 April 2013
If I make gift by cheque to my son, daughter wife & HUF . if they invest it in FD in a bank & get interest. My query is that in whose income the interest will be added & taxed
14 April 2013
In my opinion, interest earned by son, daughter & HUF would be taxable in their own hands provided the son and daughter are major. If they are minor, then the income has to be clubbed with your income. In case of wife, the interest income earned would be taxable in your hands.
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