Taxable in whose return
This query is : Resolved
07 December 2011
A husband and a wife both has professional income. The income of husband is more than the income of wife.
The wife wants to invest out of its professional income in FDR in the name of his minor son.
My query is that
1 whether Interest on FDR will be included in the return of husband or wife.
2 and the FDR will be shown in whose balance sheet.
Plz reply.
Thanx
The wife wants to invest out of its professional income in FDR in the name of his minor son.
My query is that
1 whether Interest on FDR will be included in the return of husband or wife.
2 and the FDR will be shown in whose balance sheet.
Plz reply.
Thanx
07 December 2011
IF INVESTMENT IN FDR HAS BEEN MADE FROM THE SOURCE OF THE INCOME OF WIFE THEN IT WOULD BE CONSIDERED IN THE RETURN OF WIFE.
07 December 2011
As per Section 64(1A) the income of a minor child is ALWAYS included in the income of the parent whose income, excluding the income of the minor, is higher.
This is irrespective of the source of investment.
So, in this case the FDR income will be included in the income of the parent whose professional income is higher, irrespective of the fact that the investment has been made by the wife.
This is irrespective of the source of investment.
So, in this case the FDR income will be included in the income of the parent whose professional income is higher, irrespective of the fact that the investment has been made by the wife.
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