If my father transfers a sum of Rs. 10lakh in my account (not a minor account/above 18yrs).
I have read somewhere that this is tax free under the gift tax act (gift to direct relatives is tax free).
Do I have to sign a gift deed with my father for such transfer?
Now if I earn interest on it at say 10% (ie 1 lakh).
Would it be considered my income or my father's (under the tax clubbing provision)?
Also, do I have to declare the amount that my father transferred(Rs. 10lakh) in my IT return? If yes, under which column.
CAclubindia
