EXAM QUESTION
Mr. Ramesh gifted a sum of Rs 5 lacs to his brothers minor son on 16-4-2015. On 18-4-2015, his brother gifted debentures worth Rs 6 lacs to Mrs. Ramesh.
Son of Mr. Rameshs brother invested the amount in fixed deposit with Bank of India @ 9% p.a. interest
and Mrs. Ramesh received interest of Rs 45,000 on debentures received by her.
Discuss the implications under the provisions of the Income-tax Act, 1961.
