Tax on mis interest
This query is : Resolved
06 January 2015
My mother in law invested Rs. 2,55000 in post office MIS scheme. She made these investment jointly in name of myself and my husband. I am the first holder. I dont have any income of my own. My husband is salaried person. My question is who should pay tax on this investment my husband or me? Also will this be considered as gift as per IT laws? Regards!
CMA Nishad Patkar
(Expert)
07 January 2015
It is usually taxable in the hands of first holder unless you have information regarding the share of each individual in investment. Alternatively you can show an interest income in equal proportion between both of you and pay the tax.
Further,any receipts without consideration from relatives is not taxable as gift u/s 56(2) (vii). Hence both of you need not to pay tax on Rs. 2,55,000/-
Further,any receipts without consideration from relatives is not taxable as gift u/s 56(2) (vii). Hence both of you need not to pay tax on Rs. 2,55,000/-
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