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 ?
A.Dear Sir,
Please consult Chartered Accountant.
Please consult Chartered Accountant.
Helpful
Helpful
Share
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
Anonymous
Replied 5 years ago
Thank You for your valuable information
Sunil Kumar Singh
Responded 5 years ago
A.Father is come under tax law for term deposit in India
Thank you Sir
Thank you Sir
Helpful
Helpful
Share
Anonymous
Replied 5 years ago
So I need to pay Income Tax while receiving FD amount to my account .....?
Read Related Answers
Sbi account put on stop by cyber security
Dear Sir/Madam,
Under the following provisions the Hon’ble Magistrate Court having ample powers to unfreeze the Bank accounts. Further, the Hon’ble Court has vast powers to hand over the properties/v...
My bank account got freezed
Dear Client,
Once a cybercrime scam or fraudulent transaction is reported online to the National Cyber Crime Reporting Portal(NCCRP), on the instruction of the Cyber Crime Cell, the investigating tea...
Bank loan harassment
Dear Client,
In the given scenario, you can escalate your grievance with the Grievance Redressal Officer of the concerned Bank, and in case no suitable response is received from the GRO of the Bank yo...
Online Gaming -Can I be sent to Jail
Dear Client,
The Information Technology Act 2000 regulates cyber activities or online gambling in India. There is no explicit law that makes online gaming and gambling an illegal activity in India. O...
Online Gaming- Debit freeze
Dear Client,
Your query requires more details to address it suitably. You expressed your situation but not a cause of action that attracts a legal remedy. It is a virtual platform where in the absenc...
Read Blogs on Banking
Banking Lawyers
Find Lawyers by Location
