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Q. About Income Tax

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Anonymous

posted 1 month ago

My father has an FD of 5Lac and if he transfer it me, do i need to pay Income tax while receiving it ?
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A. Dear Sir,
Please consult Chartered Accountant.

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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.

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Abhimanyu Shandilya

Experience: 14 Year(s)

Responded 1 month ago

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Anonymous

Replied 1 month ago

Thank You for your valuable information

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

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Sunil Kumar Singh

Experience: 17 Year(s)

Responded 1 month ago

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Anonymous

Replied 1 month ago

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

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