Tax provisions on interest on post office monthly inc. schem
This query is : Resolved
Nitin Jain
(Querist)
27 July 2013
Sir,
If a monthly income scheme of post office is in joint name of 2 individuals, then can the interest on mis can be equally divided between the 2 joint holder for calculating the taxable income?
If a monthly income scheme of post office is in joint name of 2 individuals, then can the interest on mis can be equally divided between the 2 joint holder for calculating the taxable income?
CMA Ramesh Krishnan
(Expert)
29 July 2013
yes. you can show equally for each account holder
Nitin Jain
(Querist)
29 July 2013
Thanks for responding sir,
but doing so will it be right if the investment in po-mis is done from money of only first holder.
In that case that case the total interest income on po-mis should not be charged under income of first holder who invested all the money.?
but doing so will it be right if the investment in po-mis is done from money of only first holder.
In that case that case the total interest income on po-mis should not be charged under income of first holder who invested all the money.?
CMA Ramesh Krishnan
(Expert)
29 July 2013
Incase 2nd holder not having any income, then add the income in 1st holder only.
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