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Gift
i have query that my grand father want to give gift to my father and Gift which they wants to give is Bank FDs. Is it taxable in the hands of my father ? My grand father does not have PAN and never filled IT Return and the source of income is agriculture income. Can he will be asked from where he got income as return is not filed ?
Replies (2)
Dear Singh
Just make a gift deed for the same. no taxability arises in the same as not an income earned.
Regards
Can my grand father will be asked from which income he had made FDs as he had not filled his return
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