Tax on transfer of amount

Transfer (by way of gift) to brother is not taxable in the hands of the your brother. Interest on FD after transfer would be taxable in the hands of your brother. But if such transfer can be revocable, then interest income is taxable in your hands only.

Thankyou for your reply, Madam. So, I can go ahead with your suggestion. Regards, Krishna

Madam, I have one more question: My brother don't have a PAN card. Will he be eligible to apply for the card keeping in view of Transfer of 10L to his account so that TDS will be deducted @ 10% on interest earned out of FD? otherwise, the bank may deduct 20% tds. As my brother is unemployed, is he eligible to apply for PAN card? THanks in advance, kittu

Madam, I have one more question: My brother don't have a PAN card. Will he be eligible to apply for the card keeping in view of Transfer of 10L to his account so that TDS will be deducted @ 10% on interest earned out of FD? otherwise, the bank may deduct 20% tds. As my brother is unemployed, is he eligible to apply for PAN card? THanks in advance, kittu

Madam, I have one more question: My brother don't have a PAN card. Will he be eligible to apply for the card keeping in view of Transfer of 10L to his account so that TDS will be deducted @ 10% on interest earned out of FD? otherwise, the bank may deduct 20% tds. As my brother is unemployed, is he eligible to apply for PAN card? THanks in advance, kittu

No link between unemployment and PAN card. Your brother can apply for PAN card to avail 10% TDS benefit. Further, if there is PAN, then 15G/15H can be submitted to the bank for no deduction of tax provided income does not exceed exemption limit.

So nice of you. Really appreciate you for taking time to reply to my query. Regards, Kittu