Is Interest on FD of Minor added in Father's Income?

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  1. Dear sir,
    I want to know that how can I prevent Income tax on Interest of Fixed deposit of minor (it is more than 10000)?
    This type of income of minor is clubbed with the income of father?
     
  2. Raj Gupta1

    Raj Gupta1 Member

    Yes, the income of the minor child would be claimed with the income of the parent.

    If the income of the parent is below the taxable limits, then Form 15G can be furnished to avoid TDS deduction on Interest on FD.

    If the income of the parent is above the taxable limits, then there is no way to avoid the TDS Deduction on Interest on FD.
    So, there would be no way to save tax on this income.
     
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