TaxTMI 
TaxTMI 
issue relating to gift
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....ssue relating to gift<br> Query (Issue) Started By: - BIBIN VARKEY Dated:- 18-12-2010 Last Reply Date:- 21-12-2010 Income Tax<br>Got 3 Replies<br>Income Tax<br>A person can transfer a Fixed deposit of....
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.... 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 w....
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....ith her father's income? Reply By CA Rachit Agarwal: The Reply: On account of transfer, interest on fixed deposit will be taxable in the hands of your daughter. Interest income will not be clubbed ....
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....in fathers income. Further transfer should not be of revocable nature. Reply By rishi mohan: The Reply: Sir, The transfer of fixed asset at the time of marriage shall not be taxable. But interest ....
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....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. Repl....
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....y By Venkatesan K: The Reply: 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. ....
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....so clubbing provisions shall not become applicable. thus, the interest on the Fixed Deposit shall be taxed only in the daughter's hands.<br> Discussion Forum - Knowledge Sharing ....