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Interest income from parent company and taxation

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Querist : Anonymous

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Querist : Anonymous (Querist)
28 May 2013 Hi,

Could you please explain me the income tax treatment of interest income received from parent company company in the hands of subsidary.Parent company is a bank and the subsidary is an insurance company acquired by the parent company.Subsidary is holding bank account with the parent company which is a bank.
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CA PARAS BAFNA

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CA PARAS BAFNA (Expert)
28 May 2013 From the Income-tax Act point of view, these are two different company assessees.
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The interest received from the parent company by the subsidiary is taxable in the hands of the Subsidiary company whereas the parent company can claim the same as expense.
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