Tax provisions on interest on post office monthly inc. schem

This query is : Resolved

Nitin Jain (Querist)
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27 July 2013 Sir,

If a monthly income scheme of post office is in joint name of 2 individuals, then can the interest on mis can be equally divided between the 2 joint holder for calculating the taxable income?

CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2013 yes. you can show equally for each account holder

Nitin Jain

Nitin Jain (Querist)
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29 July 2013 Thanks for responding sir,
but doing so will it be right if the investment in po-mis is done from money of only first holder.
In that case that case the total interest income on po-mis should not be charged under income of first holder who invested all the money.?

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CMA Ramesh Krishnan

CMA Ramesh Krishnan (Expert)
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29 July 2013 Incase 2nd holder not having any income, then add the income in 1st holder only.