TAX on fixed deposit yielding monthly interest

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..... TAX on fixed deposit yielding monthly interest
Query (Issue) Started By: - genu nambiar Dated:- 4-12-2016 Last Reply Date:- 4-12-2016 Income Tax
Got 2 Replies
Income Tax
IF a parent depos .....

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..... its an amount in the name of his major child out of his pension in a cooperative bank where no kyc or pan card is attached to the account who will have to pay the tax? the deposit yields monthly inter .....

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..... est? what will be the case if the deposit is made in joint name of parent and his son who is a major but unemployed? Reply By MARIAPPAN GOVINDARAJAN: The Reply: Since the child is the major the inte .....

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..... rest from the deposit is his income. If the deposit is made in joint name of parent and his son, the parent may get income fully and liable for income tax. If it is proportioned, the due for the major .....

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..... child will be his own income. Reply By Ganeshan Kalyani: The Reply: It will be taxable under Income from Other source in the hands of the major child.
Discussion Forum - Knowledge Sharing .....

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