Father income
This query is : Resolved
24 August 2019
A father opened a savings account in his son's name and deposited some money. (Rs.1300000) The father later died. There was also a RD of five years in the post office in the name of the father, whose money (Rs.1100000/-) came to the son's account as a nominee. The father never filed the return, if his son file the return, then what is the income tax calculation? Will be done in the which head and how will it happen?
CA R SEETHARAMAN
(Expert)
24 August 2019
Interest earned on such deposits only taxable in son's hands under income from other sources.
CA R SEETHARAMAN
(Expert)
26 August 2019
Not taxable......................
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