Is Fix Deposit on Mother Account Taxable?
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 ?
Interest on FD will be the income of mother. Include it in her it calculation and tax should be paid accordingly.
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.
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 ??