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Bowl Leader
If I were you, I'd accept what father is providing. And with that money, I'd buy something like gold ornament and keep it as a memory. And since I'm earning too, I'd buy something for my father at the same time.
Hope this answered.
I already took Diamomd Jewellery from them 1 year back as wedding gift . Since I always wanted a diamond jewellery.
Before that every now and then he used to give me some cash or watches I used them either in food clothes .
These cashed that I am talking about was during my post graduation which was my pocket money I saved them and gave it back to them to get FDs done . Since before that I was doing graduation and I wasted lots of his money .
Now I have lumsump amount with me already
What to do now ??
Bowl Leader
Buy ur dad what he wanted to have the most when he was young then. In case if u knew.
How will know what he wanted to buy when he was young ?
I have always seen him wearing costly watches, shoes, slippers, clothes, googles. He has 2 four wheelers currently . What else should I give him ?
From the income tax point, it will not attract any income tax, since the accrued interest income has already been taxed on your father's ITR. Second if he is offering you, then probably he wants to see you happy enjoying the amount. So you can buy something for yourself and your father like a band with the name engraved of your father and yours.