Tax query

yes! you can save tax in this way.

TDS is applicable on interest earned on FD...........

YES father can do so and he should submit to bank Form 15G for not deducting TDS since his son has no other income.

its very common in day 2 day life...so u can...n as mr neeraj said should submit 15 G...or u can open account in diffrent banks n make fds of around 50000 each...dats also an option 4 tax saving..

Amount received by you from your father is not taxable in your hands. If any subsequent investment is made by you out of such received amount that generates income, the same would be taxable in your hands, as you are major. However, I assume your fathers income does not have income earned from capital gains. Assuming further that if your father is having such high income because of any capital gains earned, then he needs to pay such tax accordingly first and then only he can gift the rest of amount in the way he wishes. Further agreed with Neeraj.