If a retired individual receive provident fund and take two fixed deposits in bank one fd is join name wih wife and other one is with son then interst received from such deposits is whos income?
2 Replies
Athmaram
(Articled Assistant)
(170 Points)
Replied 18 March 2011
As per the Clubbing provission the interest earned from the Deposit is the Individuals income. And will be taxed in the Retired Individuals Income.
Thanks & Regards
Ram.
U S Sharma
(glidor@gmail.com)
(21063 Points)
Replied 18 March 2011
interest would be taxed in the name of 1st holder.
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