Gift received as fd taxability

Hello,

Income of the minor daughter (whether married or unmarried ) shall be clubbed with the income of parent under section 64(1A).

If the daughter is major then clubbing provision not apply. It will be taxable in her own hand.

interest upto date year 2013 is chargable in the hands of father and balance in the hands of daughter(only interst for 2014).rest amount is exempted under section 56.

Interest  income paid/ accumulated on 100000/- from 2008 to  2013 ( till the date it was gifted) will considered income of Father, rest of the interest i.e. From the date of gift to date of maturity of FD will be considered Daughter's income. Total Interest will be Rs. 100000/- as the FD was of Rs 100000/-. FD amount + Interest part of Father will be considered as gift amount and in this case no further tax liability (i.e. Gift Tax). Any income now onwards on Rs 200000/- will be taxed to daughter.

Further, interest income is charged every FY from 2008 to 2013 in respective years of  IT returns.