Interest from mis is taxable
Trainee (Accounts Executive) (325 Points)
10 April 2014Trainee (Accounts Executive) (325 Points)
10 April 2014
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 11 April 2014
the criteria is who contribute for the MIS deposit initially if you and your mother contribute than taxable in the hands of both even entire interest goes to your mother account only. u/s 60
if your mother contribute totally than entire interest income is taxable in the hands of mother and vice-versa.