Tax on po mis interest
This query is : Resolved
Ranadeep Mukherjee
(Querist)
13 June 2014
If I open an PO MIS jointly with my brother with my name as the first and his name as the second.Who has the tax Liablity. Is it divided amongst both or can any of the two need to take the liablity?My brother is an adult currently is studying abroad and hence does not file reutrns right now..
Nikhil Kaushik
(Expert)
13 June 2014
if both are contributing, then you can divide the income between the two. if only you are contributing, then the whole of income should be included in your tax return
Ranadeep Mukherjee
(Querist)
13 June 2014
I am not clear about the contribution part..Does it mean contributing to the MIS Principal Amount?
Nikhil Kaushik
(Expert)
13 June 2014
yes it means contribution to the principal amount.
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