If Father invests his money in sons name from years and years cycling and the interest earned is taxed (TDS) and the same is reposted in sons 26AS, hence ITR is filed in sons name. Isthis correct? I guess in family the person who invests mney, if any interest income is generated from it, the income gets added to the total income of the person who gives the money. Please clarify.
1 Replies
Mohan
(Audit Assisstant & Accounts Manager)
(489 Points)
Replied 24 May 2016
If son is minor then income will be clubbed in the hands of father or mother whose income is higher else son's return should be filed.
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