About Income Tax About Income Tax

5 years ago

My father has an FD of 5Lac and if he transfer it me, do i need to pay Income tax while receiving it ?

Kishan Dutt Kalaskar

Responded 5 years ago

View All Answers
A.Dear Sir,
Please consult Chartered Accountant.
Helpful
Helpful
Share

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Abhimanyu Shandilya

Responded 5 years ago

View All Answers
A.Tax laws are too complex and not all money can be taken as income. In this case you are not getting this money as income but transfer from your dad. Whatever interest you generate out of that Fixed Deposit will be considered as income for you and the bank will deduct the TDS from the interest and pay to the income tax department.
Helpful
Helpful
Share
Placeholder image

Anonymous

Replied 5 years ago

Thank You for your valuable information

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Sunil Kumar Singh

Responded 5 years ago

A.Father is come under tax law for term deposit in India
Thank you Sir
Helpful
Helpful
Share
Placeholder image

Anonymous

Replied 5 years ago

So I need to pay Income Tax while receiving FD amount to my account .....?

Post Your Matter Post Your Matter

Talk to a Lawyer Talk to a Lawyer

Ask a question Ask a question

Vidhi Samaadhaan Vidhi Samaadhaan

Read Related Answers

question iconovercharging of rate of interest
Dear Client, In the prevailing situation, serving a legal notice to the concerned Bank, make a private complaint against the Bank to a Court of Magistrate under Sec.200 of Cr. PC. that outlines the pr...
question iconIndusind bank credit card
Dear Client, In the given situation, filing a complaint to the concerned Bank, a complaint against their irrational and unjustified demand to settle the credit card dues can be made to the Regulatory...
question iconI cant pay my Loan Emi
Dear Client, A borrower is held liable personally for his or her debt for non-payment of the outstanding amount of the loan. Once the repayment of the loan stops or bounces for consecutive 3 instalme...
question iconHDFC Bank not open my Bank Account
Dear Client, Section 457 of the CrPC empowers a Magistrate to use their discretion to order the conditional release of the amount frozen under cyber scam. In this situation, the police seek a bond fro...
question iconGetting OFF from home loan Guarantor
Dear Client, A Guarantor is equally liable for repayment of the debt of the principal Borrower and if after exercising all the steps for recovery of debt against the Borrower fails, the Bank takes st...