Taxation of MIS
This query is : Resolved
27 July 2010
Sir,
I've a query. The matter is that one person has deposited certain amount of money in the name of his son(say "X") & daughter-in-law(say "Y") under the Postal MIS.
After a period of 6 years X & Y gets the total some of Rs. 113000 & Rs. 115000 respectively.
Now the query is :
(1) What would be the treatment of maturity amount in the hands of X & Y ?
(2) Can we treat the amount received as gift?
Early reply in the matter is awaited.
Thanking you,
With Regards
NISHANT.
I've a query. The matter is that one person has deposited certain amount of money in the name of his son(say "X") & daughter-in-law(say "Y") under the Postal MIS.
After a period of 6 years X & Y gets the total some of Rs. 113000 & Rs. 115000 respectively.
Now the query is :
(1) What would be the treatment of maturity amount in the hands of X & Y ?
(2) Can we treat the amount received as gift?
Early reply in the matter is awaited.
Thanking you,
With Regards
NISHANT.
27 July 2010
Interest on MIS is taxable.
If you treat the MIS as a gift, then also the interest would be taxable in your hands.
If you treat the MIS as a gift, then also the interest would be taxable in your hands.
27 July 2010
YES
it would be treated as a gift and subject to tax.
it would be treated as a gift and subject to tax.
27 July 2010
First of all investment must have been shown in someones books of accounts then only u can gift.
On maturity interest will be taxable.
If investment in MIS never shown in anyones books then whole sum will be taxable.
On maturity interest will be taxable.
If investment in MIS never shown in anyones books then whole sum will be taxable.
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