Tax on fd

Firstly, you will be required to prepare a gift deed in favor of your mother and open an FD. The interest earned on that FD shall be taxable in her hand, and she will be liable to file ITR and claim tax credit.

Thanks for your quick response, just some more info.

Basically a part of the money is already a FD in her name, and the rest she would acquire as she is the nominee for my dad. also i might get a part as a nominee. i want to assort all this and put it in one account and open a FD.

could you please tell me how to handle this?

Firstly i would like to know the source of that 50L. than i can suggest any thing.

the source is - already FD of 12L plus 15L in my mother's name.

another 15L fd in my father's name, and i am the nominee.

So whn i get the money, i want to transfer that to mum's account and do a consolidated FD.

ok i am assuming that those 12 L, 15 L fd in your mother name and 15 L fd in your father name are old one on which they had paid taxes earlier when these fd had been made.

now your father can gift 15 L to your mother (with gift deed preparation) than total amount would be 12+15+15=42 L and than she can get the fd made in her name.

next if there were old FD in her name of INR 12L+15L than definately TDS will have been deducted by bank in that case your mother was liable to file ITR.