Hello Last  Year (14-15)  i  Eaned 14lkhs . Then I Fix deposited 10 lkhs  as 1st person my mother & am the nominee. The amount is debited from my bank account .Is the 10 lkhs is taxble?  if yes then who will give my mother or me ?

Posted 2 years ago by Swaraj Sahu


Interest on FD will be the income of mother. Include it in her it calculation and tax should be paid accordingly.

Posted 2 years ago by CA Pulkit Sharma


So my mother should pay Tax for 10 lkhs for year 14-15 ??

Posted 2 years ago by Swaraj Sahu


Not for 10 Lakhs. Whatever you paid to your mother is gift, and gifts received from relatives is exempt. Your mother have to pay tax on interest part, if her total income exceeds taxable income limits.

Posted 2 years ago by CA Pulkit Sharma


No i have not paid my mother. i made a fix deposit in mothers name and amount deducted from my account.

only tell who have to pay tax me or Mother ??

Posted 2 years ago by Swaraj Sahu


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