SFT-005 Time deposit with amount of 20L and 'O' under "Remarks"

While submitting IT Returns, I went through Form 26AS and noticed "SFT-005 Time deposit" with 20L and 'O' under "Remarks",  as shown below:

This is my Savings account and I do not have any source of income. All the money accumulated in this account is from monthly transfers made by my son for my mandatory and leisure expenses. Most of the money is either FD or TD.

I am already adding "102,392.00" as Interest Income while submitting IT returns.

Do I need to do something while submitting my IT returns?

Does my son need to do something while submitting his IT returns?

Replies (4)
Quick Summary
This discussion addresses a user's confusion regarding an 'SFT-005 Time deposit' of 20 Lakhs noted on their Form 26AS, where the funds originated from their son's monthly transfers. The consensus is that while the SFT-005 itself isn't directly reported in the Income Tax Return (ITR), the interest earned from the time deposit must be declared under 'Income from Other Sources' (IFOS). Additionally, it's recommended to report the principal amount received from the son as a 'Gift from Son' in Schedule EI of the ITR, especially if it constitutes the major portion of the funds.

If the total money (major amount) has been sent by your son, of which you have made new FD; better report the amount as 'Gift from Son' in Schedule EI of your ITR.

No problem you should normally file your ITR

Thanks you @ Dhirajlal sir for reply. Will it be ITR 1 which I need to file and if you could also guide in which section this should be mentioned?

@ Mahesh K.....

Yes, If you do not have any income like capital gains,  business income and any agricultural income (> 50000/-) you can file ITR 1. (well, subject to other restrictions, which i don't presume in your case).

SFT 005 cannot be reported in ITR, but interest from all the bank account/s, FDs etc. are to be declared in IFOS.

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
29 July 2026
ACCOUNTANT

ONESTEP GST SOLUTION

New Delhi

B.Com

View Details
Company
16 July 2026
CA Inter, CA Intermediate, CA IPCC, CA CPT , CA SemiQualifie

Vakilsearch.com

Chennai

CA Inter

View Details
Company
ARTICLESHIP 16 July 2026
Article Assistant

G A R U D & Associates

New Delhi

CA Inter

View Details
Company
14 July 2026
Senior Executive/ Manager

H S SHARMA AND CO

Pune

CA Final

View Details
Company
ARTICLESHIP 10 July 2026
Article Assistant

N S Gokhale & Co

Thane

CA Inter

View Details
Company
28 July 2026
Senior accountant

RJ Public School

Bengaluru

B.Com

View Details
Company
ARTICLESHIP 15 July 2026
CA Articles

Kinjal H Shah & Co.

Mumbai

CA Foundation

View Details
Company
ARTICLESHIP 16 July 2026
CA Article

Pipara & Co. LLP.

Mumbai

CA Inter

View Details
Follow