Is Fix Deposit on Mother Account Taxable? - Professionals - Taxation - TIK Share
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Is Fix Deposit on Mother Account Taxable?


Swaraj Sahu

2015-08-31

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 ?

CA Pulkit Sharma

2015-08-31

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

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Swaraj Sahu

2015-08-31

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

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CA Pulkit Sharma

2015-08-31

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.

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Swaraj Sahu

2015-08-31

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 ??

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