Sale of plot and fdr interest

Efiling 196 views 4 replies

Deepak

CA student

100 Points Joined July 2008

1. my father sold a plot for rs 5 lakh and out of retirement benefit amount rs 5 lakh were gifted to me by a/c payee cheque. I got FD rs 10 lakh in my name and getting intt rs 36000 p.a and filed form 15G to bank in respect of interest. FD and form15G are in name of mine. So my query is whether this rs 10 lakh is exempt in hand of me and no need to report in my return but file ITR for rs 36000 for FD intt in my hand. OR should show as clubbing in my father income ?

2. whether this clubbing is for first year of FD or forever because FD is in my name and i am major but dont have income now?

3. which ITR is required to be filed for father and me?

Replies (4)

suresh

proprietor

425 Points Joined May 2011

If both the amount of 5 lakh each from sale of plot and from retirement benefit is gifted to you and since you are major, the income from such fdr will be taxed in your hands. If you dont have any other income means your total income is below taxable limits you need not file the income tax return for that particular year.

Deepak

CA student

100 Points Joined July 2008

will the clubbing provision not apply to FDR interest in my case? because instead of me, if tranfer was done to wife then clubbing provision will apply.