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issue relating to gift, Income Tax |
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issue relating to gift |
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A person can transfer a Fixed deposit of Rs.25,00,000/- to his daughter on the occassion of her marriage. (1) Whether it is taxable/ not (2) Whether intrest on fixed deposit is chargaable to tax or (3) whether if interest income is clbbed with her father's income?
Posts / Replies Showing Replies 1 to 3 of 3 Records Page: 1
On account of transfer, interest on fixed deposit will be taxable in the hands of your daughter. Interest income will not be clubbed in fathers income. Further transfer should not be of revocable nature.
Sir, The transfer of fixed asset at the time of marriage shall not be taxable. But interest thereafter received shall be taxable in the hands of the person to whom the asset has been transfered i.e daughter. Interest income shall not be clubbed in the taxable income of the transferor.
The above mentioned replies are correct as the person to whom transfer is made i.e. the transferee is the daughter who is now married. not a minor or unmarried daughter. so clubbing provisions shall not become applicable. thus, the interest on the Fixed Deposit shall be taxed only in the daughter's hands.
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