Transfer money to my Mother’s account who is a housewife?

POSTED BY niki ON February 10, 2014 9:34 pm ONE COMMENT

Hi,

Currently I am working in a MNC. And the money I save is invested in Fixed Deposits. Now lets say I earn 15000 Rupees in Interest from the fixed deposits. I have to pay 1500 Rs as Tax.

Is it a good idea to transfer a certain amount to my mom’s account and let her interest as she is a housewife and she will not have to pay tax on that interest.

 

 

One reply on this article “Transfer money to my Mother’s account who is a housewife?”

  1. ashalanshu says:
    February 11, 2014 at 12:50 am

    Dear Niki, yes you may gift your own money to you mother which she may invest in FD and being zero income person, she need not to pay any tax on FD interest. But please do note, after your gifting it’s your mother’s capital and she may use it as per her own will. Now if there are siblings with you and your mother gives it to them or in case of her death with out any WILL, this capital ‘ll go to them also.

    Thanks

    Ashal

    Reply

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