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SFT-005 reported even when deposit is less then 10 lacs

Hemendra Vyas   24 October 2020

Hemendra Vyas

 11 points

| My Other Post

Dear Sir/Mam,

I am a regular tax payer and I am in 30% tax slab

My mother is a senior citizen and is a house wife. She has no earning source.

In FY 19-20, I transferred 5.7 lacs in her account and did FD on her name in which I am nominee.

One FD was of 3 lacs and other was of 1 lac and 1.7 lacs respectively. 

Recently I checked Form 26AS of my mother and found that bank has reported SFT-005 transaction of amount 5.7 lacs.

Now my question is -

a. When SFT-005 is reported by bank when term deposits amount is above 10 lacs in a financial year, then why it is being reported for my mother when amount is only 5.7 lacs.

b. Do I need file ITR for my mother? She got 40K interest from these FDs.

c. Will clubbing of income applied in this case when I just simply transfer amount from my account to her and does FD on her name? I have not executed any gift deed.

Thanks you.     


JATINDER KUMAR (Accountant)     24 October 2020

 189 likes  2647 points

View Profile | My Other Post

If your mother have no income source then clubbing rules applicable

please add 40K interest in your income


ayusmita (Tax consultant)     24 October 2020

Tax consultant 
 183 likes  2665 points

View Profile | My Other Post

Your mother will file ITR showing those interest

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