The father of the handicapped dependent has deposited in fixed deposit in bank certain amount for the benefit of the handicapped dependent. In whose hands the income by way of interest from bank fixed deposit in the name of handicapped dependent is taxable? and why?
09 January 2016
Handicapped dependent is if a major person, income will be taxable in the hands of son. . If the dependent is a minor person, and suffering from any of the disabilities specified in Section 80U, then also the income will be assessed in the hands of the minor as per Section 64(1A) .
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