tax liability
This query is : Resolved
11 July 2010
when there is no will between the asseessee and from the grand father, the deposits made by grand father is withdrawn and credited in the assessee a/c . then on which basis tax liability arises between assessee and grand father
m.s.nageswararao
(Expert)
11 July 2010
There is no will here but interest is credited to the Assessee a/c. It shall be deemed that interest income is the income of the Assessee( need not no Will). The assessee is liable to pay tax on interest income as it is the income of the assessee. When the assessee is minor, in that case the grand father is liable to pay tax on it though given credit to assessee(minor) account.
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