Say I have some Fixed deposits which have been accumulating interest. If I gift the entire FD to my children without closing it,is there any tax implication? Must I pay taxes on the interest accumulated up to that point?
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Fixed deposit gifting
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As long as FD is in your name, U will be taxable.
If u gift your FD to your children, then also u are taxable since your children income will be clubbed with your income (being a Guardian) and accordingly U are liable to tax on interest income.
despite of gift, the interest will be clubbed to your income.
If i gift it tomy married daughter, will the position remain the same?
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