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Other Sources - Gift
Direct Taxation
If Fixed Deposit is gifted then what are the tax implications? ICAI has given 2 alternatives but which is infact the right one?
Answers (7)
Abishek M
1)Whether or not the gift is exempted , the interest on that will be clubbed with the person who gave the gift 2) I think FD gifted will be covered under money category (>50000)
SEc 56(2)(x) (a) any sum of money, without consideration, the aggregate value of which exceeds fifty thousand rupees, the whole of the aggregate value of such sum; is considered as IFOS unless it is given as gift to relative as defined in the section.
Abishek M
1)Whether or not the gift is exempted , the interest on that will be clubbed with the person who gave the gift 2) I think FD gifted will be covered under money category (>50000)
According to which section is the interest on FD need to be clubbed with the giver? Just want to make sure :)
Thread Starter
Kriti IyerAccording to which section is the interest on FD need to be clubbed with the giver? Just want to make sure :)
I was talking about FD given to minors 😅, generally other that this it will be covered u/s 61 & 62 as the case maybe
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