I want to transfer some amount to father as gift and make Fixed Deposits in his name for his maintenance.Will FD Interest clubbed in my income in the first year and from 2nd year it will be included in his income?
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Transfer of amount to father as gift.
Replies (2)
I think clubbing provisions might not be applicable in this case. Gift of money to father is not taxable in the hands of recipient. But interest thereon would be taxable in his hands for all the applicable years.
Clubbing provision wont apply...
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