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Gift of Fixed Deposits, Income Tax

Issue Id: - 106442
Dated: 19-1-2014
By:- Praveen Minocha

Gift of Fixed Deposits


  • Contents

Mother has gifted the FDs to his son during the year through Gift deed on plain paper. Accordingly Son included the FD Income in his Total Income and paid advance tax accordingly.These FDs will get matured in next year. These FDs were Senior Citizen FD held jointly In name of Mother and Son. Mother Name First and Sons name second. Accordingly Bank deducted Tds against mothers PAN. Now how can Son claim this Tds which was deducted and deposited in mothers PAN while the income is considered by Son in his Return. Is there any better way of entering into the above transaction??

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1 Dated: 4-12-2015
By:- MARIAPPAN GOVINDARAJAN

If return has already been filed revised return may be filed incorporating these changes and if any tax is excessively paid the same may be got refunded.


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