I plan to invest some money in this financial year in my mother's name. I plan to NEFT that money from my account to my mother's account and create FD from that money.
I have following questions :
1) Is gift deed required?
2) If yes then is it necessary to make it on stamp paper or can it be done on a simple plain paper?
3) My mother do not pay any tax as her taxable income is less tha 2.5 lakhs but she do file ITR. Should she mention gift amount anywhere in ITR?
4) The interrest earned by my mother on FD will be added to my mother's income or my own income?
Thanks in advance.
CAclubindia
