POSTED BY March 2, 2013 1:51 pm COMMENTS (4)ON
I wish to invest in Fixed Deposits to generate interest that can be used by my retired parents. I plan to do it in this way,
I will create a joint savings account with my dad as the primary account holder and myself as the secondary joint account holder. Then I invest in the FD linked to this savings account such that the interest is deposited every year in this savings account. My dad can use this amount when needed. Considering the interest will be below the 2L limit/year, my dad will get full tax exemption. The question is, will I have to declare any income on this interest earned?