If I open a fd for 5 years in the name of my child who is 14 years old now and at the time of maturity tax liability of interest on fd will be borne by me or child. At the time of fd maturity child will be 18+ age. Please suggest
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Investment in the name of minor
Replies (3)
Quick Summary
Interest of FD gets accured annualy, and the same will reflect in your PAN till she attains majority. Till then you will be liable to pay tax over it.
What if interest accrued I get at the time of maturity , and who will be liable to pay taxes on interest accrued at th time of maturity say 4 or 5 years whether it is a fd or rd
Please suggest in both cases fd or rd
If the interst doesn't reflect in your Form 26AS, you have option to declare it at the time of maturity,
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