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Who will pay tax

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(Querist)
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
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swasti

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swasti (Expert)
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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