Sir/Madam , I invest a lump sum money in FDR in the name of my minor son u/g of myself. At the time of maturity he become major.
Now my question is that from time of maturity interest income and sum belongs to me or my son for tax
purpose?
Secondly can I take all interest income in the year of maturity of FDR as it is paid after accumulation of previous years at the end of time ?
Thanks for opinion.
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Tax on FDR
Replies (8)
yes totally agreed
I think on assumptions of gift that's why I make FDR on minor son becomes his property on being maturity 18 years of age. Afterwards all interest with principal belongs to him so after 18 years age interest income should come under his account. please guide me.
In my view.,
The FD's interest and maturity amount not calculated his income. It ll be as gift to his son.
But, The depositing amount also taxed amount in his income.
He also shown his income to ITD. So, The FD's interest amount not calculated his income. It's his son's income....
The FD's interest and maturity amount not calculated his income. It ll be as gift to his son.
But, The depositing amount also taxed amount in his income.
He also shown his income to ITD. So, The FD's interest amount not calculated his income. It's his son's income....
sir I agree with clubbing but what after age of 18 yr.
After the age of 18 years the income will assessed in his own hands.
Even after son become major the money will be taxed in your hand.Because of the source of money is you. Income will be clubbed u/s 64.
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