Fund transfer query

My mother wants to break her fixed deposits and transfer that amount to my account. 

1-So can we do this without making any gift deed?

2-Do we have to declare this amount in ITR? 

Replies (2)
Quick Summary
This discussion addresses queries about transferring funds from a mother's fixed deposits into her child's account. It explores whether a gift deed is necessary and if the amount needs to be declared in income tax returns (ITR). Advice suggests a gift deed might be beneficial for future needs, and while one response indicates no ITR disclosure is required, another advises declaring it as exempt income from a relative.

1) it is better to have a gift deed for future requirements if any

2) no need to disclose the same in ITR

1) It's better to have a gift deed for future requirements if any

2) Need to be disclose the same in ITR as exempt income as Gift from relatives

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
13 October 2026
Accountant

Zerdi & Co. Chartered Accountants

Pune

B.Com

View Details
Company
12 October 2026
AUDIT , ACCOUNTS AND TAXATION

KDSS

New Delhi

B.Com

View Details
Company
08 October 2026
Accounts and Tax Associate

POOJA R TELI & CO

Pune

CA Inter

View Details
Company
18 September 2026
Accounts & Finance Specialist

ULTRA CHEMICAL WORKS

Thane

CA Final

View Details
Company
19 September 2026
Finance Manager

Mugdha Art Studio

Hyderabad

CA

View Details
Company
ARTICLESHIP 28 September 2026
Junior Accountant

J S P M & Associates LLP

Pune

B.Com

View Details
Company
05 October 2026
Senior Accountant

Vision IT Peripherals Pvt Ltd

Mumbai

B.Com

View Details
Company
ARTICLESHIP 21 September 2026
CA Article Assistant

KK & Company Chartered Accountant

Pune

CA Inter

View Details