POSTED BY November 27, 2012 9:19 am COMMENTS (4)ON
I have opened a saving in my father’s name.I want to invest some money in FD through account as it will have benefit of senior citizen.Pl advice if it’s legal if I transfer the money from my account to my fathers acc and if yes how is it possible?is there any special scheme for senior citizen?
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4 replies on this article “FD”
How is it to be documented or officially gifted?pl explain.If I gift it to my father,then the tax liability will be of whom?
pl explain in detail.
Obviously it has to be documented . BEcause its your money , not your fathers . the alternative is to officially gift it to your father 🙂
Little clarification required.If I transfer funds from my acc to my fathers,is it required to be documented?Currently its a single acc.
Generaly Senior Citizens get additional .25% or .5 % on interest rates,
They may have to provide age proof for the same.
To do this you can open a join FD account , with ur father as a First acc. holder and you can give cheque from ur saving account. The interest earned will be considered as your fathers.