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
Kashika Nagpal (3 Points)
08 March 2025If 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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194575 Points)
Replied 09 March 2025
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.
Kashika Nagpal
(3 Points)
Replied 10 March 2025
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
Dhirajlal Rambhia
(SEO Sai Gr. Hosp.)
(194575 Points)
Replied 10 March 2025
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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