I have a query.
If I deposit money in my mother’s account (Recurring Deposit) who is house wife, then amount(interest) after maturing would be taxable on my income(my salary slab) under clubbing income rule or will it be tax free as my mother does not have any income source?
In another case, let’s say my mother has MOD scheme of SBI and I deposit money in it then will the interest earned would be applicable for TDS on my income(my salary slab) under clubbing income rule or will it be tax free as my mother does not have any income source( By submitting 15G form in the bank)?
Thanking you.