tax on Post office recurring deposit maturity
This query is : Resolved
12 November 2009
Post office recurring deposit maturity amount (gross + int)is taxable ??
If post office RD account is on the name of Minor and maturity chq is deposited in parent's account. It will be treated as whose income?? minors or parents ??
If post office RD account is on the name of Minor and maturity chq is deposited in parent's account. It will be treated as whose income?? minors or parents ??
chetan soni
(Expert)
12 November 2009
Tax will be payable only on interest portion & not on gross portion.
Also note minors income will be clubbed in the hands of parents who's individual income is higher. He can also take the exemption of Rs. 1500 per child restricted to 2 children's u/s 10.
Also note minors income will be clubbed in the hands of parents who's individual income is higher. He can also take the exemption of Rs. 1500 per child restricted to 2 children's u/s 10.
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