Capital gain enquiry

no, gift fom father is xempt.

no gift, But interest may be taxable in the hands of father , since receiver invested fund in fixed deposit , and so interest is taxable , if minimum lock in period is kept , then may be get deduction u/s 80c.

hi frnds.......... clarify my doubt..........

As said by CA Amit Gopani  "But interest may be taxable in the hands of father".

Interest income suffered TDS and received by tax payer.

if so, same income taxed twice, is it right????

Hi,

If the father is gifting money, he has to give up his right on the money and also on the income accruing therefrom....If he doesnt, then it amounts to REVOCABLE transfer.....Only in the case of revocable transfer, income will be taxed in the hands of TRANSFERROR.......

Hello Abhijeet,

As per Sec 56(2)(vii) of the Income Tax Act 1961 any sum of money received, without consideration the Aggregate value of which exceeds Rs 50,000 the whole of aggregate of such sum is taxable but this clause is not applicable to any sum of money received from relative & father is covered in such definition.

So you are not required to pay any tax on such receipt.