Taxability

This query is : Open

pritesh (Querist)
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26 March 2015 IF A SON(MAJOR) MAKE A FIXED DEPOSIT IN THE NAME OF HIS MOTHER AND HIS OWN NAME AS SECOND HOLDER,THE AMT CONTRIBUTED IS BY SON FROM IN HIS OWN INCOME, THE PANCARD NO GIVEN IS OF MOTHER AS IT IS A FIRST HOLDER.NOW THE INTEREST EARNED ON THAT FIXED DEPOSIT IS CREDITED TO THE SON SAVING ACCOUNT.SO I WANT TO KNOW IN WHOSE HAND THE INTEREST INCOME WILL BE TAXABLE FOR THAT FINANCIAL YEAR,IF IT IS IN HAND OF MOTHER THAN WHEATHER IT CAN BE CLUBBED IN SON INCOME?

CS,CA F,Numrologi TusharSampat

CS,CA F,Numrologi TusharSampat (Expert)
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26 March 2015 if the amount was deposited by son from his earnings then its taxable in his itr

pritesh

pritesh (Querist)
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26 March 2015 BUT IF SUPPOSED TDS IS DEDUCTED FROM THAT INT AMT BY BANK, IT WILL BE SHOWN IN THE FORM 26AS OF MOTHER AND NOT IN SON 26AS,AS THE PAN NO. GIVEN IS OF MOTHER. HOW CAN A SON CLAIM THAT TDS?

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pritesh

pritesh (Querist)
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