My father is a super senior citizen. He has transferred money from his bank account to that of my mother's bank account stating the purpose as a gift to family while doing the online transfer. Now, my mother who is a senior citizen also, has converted a part of the amount she received through this transfer as a FD /MMD. Will my father be taxed for the income which these deposits generate? WIll the clubbings provision apply here?
Also what is the advantage of my mom investing this amount as a MMD in terms of IT?
CAclubindia
