Tax on mis interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2014 I had a 3 lakh MIS with my brother with both of us joint holders of the account. I have been showing it in my brothers income as he is living abroad(studying) and does not fall under taxable zone. When it got matured my brother wasnt here and there was an urgent need of money,hence the cheque was drawn in my name as I was the only available signatary. Does that mean I become taxable for the entire period pf the MIS?

Rupesh Jain

Rupesh Jain (Expert)
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20 June 2014 first to see fund from come when you make MIS, if it your money then you are wrongly showing the income of your brother and amount also count in your hand.

if amount of your brother then you can tfr the amount in your brother account.

Querist : Anonymous

Querist : Anonymous (Querist)

20 June 2014 The money has come from my brothers account in which I am not a holder. I have submitted the cheque in an account where my brothers name also exists along with my name.

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