Doubt about income chargability
sathya (student) (128 Points)
30 July 2016sathya (student) (128 Points)
30 July 2016
CA SANKET GARG
(Sanket Garg & Company )
(838 Points)
Replied 30 July 2016
Apparently Income is Taxable in the hands of Grand Mother. It is also to be checked that son has also deposited moeny in the bank (through his guardian). If amount deposited belongs to him (gifted or otherwise) then income will chargeabele in hands of his mother/father.
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 30 July 2016
I am agree with Mr. Saket
If grandson is not a minor,
then interest income should be included in first account holder