Gift of Fixed Deposits

[Praveen Minocha]

Mother has gifted the FDs to his son during the year through Gift deed on plain paper. Accordingly Son included the FD Income in his Total Income and paid advance tax accordingly.These FDs will get matured in next year. These FDs were Senior Citizen FD held jointly In name of Mother and Son. Mother Name First and Sons name second. Accordingly Bank deducted Tds against mothers PAN. Now how can Son claim this Tds which was deducted and deposited in mothers PAN while the income is considered by Son in his Return. Is there any better way of entering into the above transaction??

AI Summary

Son Can Claim TDS on Joint FDs by Filing Revised Tax Return; Seek Refund for Excess Tax Paid A mother gifted fixed deposits (FDs) to her son via a gift deed, and the son included the FD income in his tax return, paying advance tax. The FDs, held jointly with the mother as the primary holder, led to tax deducted at source (TDS) being applied to the mother's PAN. The son seeks advice on claiming the TDS credited to the mother's PAN. The response suggests filing a revised tax return to incorporate these changes and seek a refund for any excess tax paid.