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sukanya samridi yojna

Vikash (G) (393 Points)

17 June 2019

where to show interest received on ssy account in itr. Is it required to show interest earned from ssy or only amount invested we have to show

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7 Replies

CA. Umesh kumar (ca.umesh11@gmail.com) (1465 Points)
Replied 17 June 2019

income from other sources

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Vikash (G) (393 Points)
Replied 17 June 2019

it's exempted under 80c then why to show as income from other source

Ashwin Kumar (1234 Points)
Replied 17 June 2019

amount donated is exempted to the extent of 150000 under subjected satisfying all types the conditions...interest on it is taxable

Vaibhav Siroliya (Solicitor & Tax Consultant) (308 Points)
Replied 17 June 2019

agree with ashwin kumar ji amount invested in SSY is covered under chapter VI deduction but interest income fron those investment is taxable.

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SP Singh (18 Points)
Replied 17 June 2019

Tax Benefit – The amount deposited towards Sukanya Samriddhi Account is deductible under section 80C of Income tax Act,1961 upto Rs.1.5 lakhs as notified by Notification No. 09/2015 dated 21.01.2015. Amount deposited in this account will be counted in overall limit of Rs. 1.50 Lakh under section 80C. Interest earned in this scheme as well as maturity amount is exempt from Income Tax wef F.Y. 2014-15

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Vikash (G) (393 Points)
Replied 18 June 2019

Now my question is whether to show interest earned in this scheme every year in itr Or not required to shown

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Ajay Gupta (PRACTICING CHARTERED ACCOUNTANT) (196 Points)
Replied 18 June 2019

Income of a minor child is clubbed with the income of his/her parent whose income is higher.

Interest earned from Sukanya will need to be reported

- under “others", (including exempt income of minor child) in Schedule EI (on the basis that such parent has to complete ITR-2 or ITR-3) of the tax return; or

- in exempt income line item (if the parent is required to complete ITR-1 or ITR-4)