interest from short term deposit

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CA CWA Yugandar PR (Querist)
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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

CA Nitin Wadhwani

CA Nitin Wadhwani (Expert)
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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.

Vipul J. Bhavsar

Vipul J. Bhavsar (Expert)
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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.

CA Devanshi Gandhi (Ajani)

CA Devanshi Gandhi (Ajani) (Expert)
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28 May 2009 agreed with the expert

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