banner_ad

interest from short term deposit

This query is : Resolved 
Profile Image

Profile Image

(Querist)
27 May 2009 sir,
my brother working in usa and send 1200000 for household expenses and that amount was kept in Short term deposit on my father's name and meanwhile my father received interest of 56000 on such STD. in jan09 such STD closed and that amount was transfer to my mother's account and now under which head such interest of my father's to be shown in his assessment. and what is the nature of such interest and any deduction is available for this amount.

awaiting reply thanks alot
Profile Image

CA Nitin Wadhwani

Profile Image

CA Nitin Wadhwani (Expert)
28 May 2009 The interest will be taxable under the head income from other sources and expenditure incurred for earning such interest such as bank charges etc will be allowed as deduction.
Profile Image

Vipul J. Bhavsar

Profile Image

Vipul J. Bhavsar (Expert)
28 May 2009 I agree with Mr. Nitin.
Also,if your father has no other income other than this, whole of the interest income will be exempt as it is below Basic exemption limit.
Profile Image

CA Devanshi Gandhi (Ajani)

Profile Image

CA Devanshi Gandhi (Ajani) (Expert)
28 May 2009 agreed with the expert
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news



Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
Senior Accounts Executive

Karan Gupta & Co.

New Delhi

Graduate (Any)

View Details
Company
07 June 2026
Tax Associate

Rajkumar Jain & Co.

Ahmedabad

Graduate (Any)

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
Featured 28 May 2026
SEMI QUALIFIED/ CA DROPOUTS/ ARTICLES

T R SOOD & CO

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 May 2026
Audit Assistant / Article Trainee / Intern

SSGS and Associates

Chennai

CA Inter

View Details
Company
26 May 2026
Education Content Creator

Adyayam Education LLP

Bengaluru

CA Foundation

View Details
Company
22 May 2026
Sr. Financial Analyst - Consolidation

Search Synergy

Mumbai

CA

View Details