hello everyone .
I recently received a lump sum fd of 70k which was taken by my father under my name when I was a minor .so now does this needs to be included as my other income sources while filing it returns?
thank you
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Income tax on Fd received
Replies (14)
Quick Summary
No it's no taxable.Only interest portion if any is taxable under income from other sources.
Only current year Interest taxable
Only the interest portion is taxable under IFOS bt if ur Income is not above the basic exemption limit then no need to show this income in ur ROI
Does this not classify as gift ? I remember reading that above 50k it's taxable
The amount of fd is Gift but the interest is taxable in ur hands
Ya I get that .thanks .the amount itself is around 70k .I am not sure if I need to declare it as a part of income .
FD was made in your name only.
Receipt from FD is not income.
Income is chargeable to income tax.But you got your money back and no extra income .So it is not taxable
Receipt from FD is not income.
Income is chargeable to income tax.But you got your money back and no extra income .So it is not taxable
Yes .but that was under my name as a minor .Now I claimed it recently stating I need my money as I have turned major .Does it still valid .?thanks .
sorry if the questions are repititive .
sorry if the questions are repititive .
To make it clear,
Do you have only interest income?
Do you have any other income??
Do you have only interest income?
Do you have any other income??
I am a salaried employee .so yeah I do have that. and I don't have the interest income .I used up that money received from fd elsewhere
Hello,
FD gives either periodical interest or accumulated interest.
Check once for earlier months or quarter or half year ends ..
You can't say that you have not received Interest.
The main purpose of FD is to earn interest .
FD gives either periodical interest or accumulated interest.
Check once for earlier months or quarter or half year ends ..
You can't say that you have not received Interest.
The main purpose of FD is to earn interest .
Ya I shall check that .But I think it would be very less .now what my worry is that does the FD amount received adds to my taxable income ?
No.There is no extra income .It's not an income.
Manish,
Your father made FD of 70000 in your name.
It was Your income in the year when your father made this FD (when you were minor)
However, Gifts from Parents (relatives) is wholly exempt (whole 70000)
No limit for gifts received from your father
Now in the current year, you may have earned interest on such FD
This interest is your taxable income
Regards,
Roopali
9870217925
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