Income tax

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  1. Sir
    I shall appreciate if you please advise me on the following
    1 A grand father has some FDs in his name .At the time of maturity in Sept 16 ( or premature withdrawal) if he writes on the FD to transfer the total amount with interest to his grandson account (who will become major ie 18 years on 25.3.2017) . If the grandfather transfers the money now i.e in FY 2016-17 , whether such amount would be treated grandsons income- and whether the later will be eligible to file his own ITR for AY 2017-18. and show such income in that Return.
    2 Further if the grand father does it right now (FY 2016-17 ) what is the tax liability for both.? whether the grandfather has to pay the tax on the interest earned till the date of transfer ? and thereafter by the grandson or what ? The grand father has always been paying tax on the interest earned on that FD .
    KINDLY GIVE ANY SUGGESTION IF ANY OTHER
     
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