Tax applicablity
This query is : Resolved
shakkir ahammed
(Querist)
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
(Expert)
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.
Also please check if sec 64 for clubbing of income is applicable in your case.
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shakkir ahammed
(Querist)
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
(Expert)
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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