Tax applicablity

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shakkir ahammed (Querist)
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19 August 2015 I am not a taxpayer.I am just a student and have savings account in SBI.My dad transfers money into my account and mostly my account has a balance of 3-5lakhs.Will the interest on savings be taxable?

Amol S Joglekar

Amol S Joglekar (Expert)
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19 August 2015 The interest on saving bank account is taxable subject to 80TTA.

Also please check if sec 64 for clubbing of income is applicable in your case.

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shakkir ahammed

shakkir ahammed (Querist)
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19 August 2015 But i am not a taxpayer and my dad too is not a taxpayer as he is working abroad.How do i pay tax?

Amol S Joglekar

Amol S Joglekar (Expert)
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20 August 2015 That is good. If your income is less than the taxable limit, dont bother....no problem at all...

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