hi friends i have query regarding Dividend
i have account with saraswat co-op bank & demat ac is also in same bank but my father have shares in their name & dividend cr to my account so for income tax purpose what to do ?
please guide me
thanks
1 Replies
Devendra
(Chartered Accountant)
(4775 Points)
Replied 26 June 2011
YOU WILL HAVE TO DISCLOSE THE DIVIDEND INCOME IN YOUR FATHER'S INCOME TAX RETURN. IF THE DIVIDEND IS RECEIVED FROM DOMESTIC COMPANIES, THEN IT WILL BE EXEMPT FROM TAX U/S 10(34) OF THE INCOME TAX ACT, 1961.
REGARDS,
DEVENDRA
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