Interest earned on money transferred to father

I have a FD of 20 Lac on which i am earning interest and paying taxes in 30% slab.
Can i transfer the whole amount to my father who is in 10% slab? Will the interest be clubbed to my income or my father’s income?

Anonymous Asked on August 3, 2018 in Taxations.
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1 Answer(s)

Gifting of money to father is non taxable event and income arrived due to this will be taxed in father as clubbing provisions are not there in case of parents transfer. Kinly go through the article for better understanding .

https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html

TaxIQ Answered on August 4, 2018.
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