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Taxation of MIS

This query is : Resolved 
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(Querist)
27 July 2010 Sir,
I've a query. The matter is that one person has deposited certain amount of money in the name of his son(say "X") & daughter-in-law(say "Y") under the Postal MIS.

After a period of 6 years X & Y gets the total some of Rs. 113000 & Rs. 115000 respectively.

Now the query is :
(1) What would be the treatment of maturity amount in the hands of X & Y ?

(2) Can we treat the amount received as gift?

Early reply in the matter is awaited.

Thanking you,

With Regards
NISHANT.
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Rasesh

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Rasesh (Expert)
27 July 2010 Interest on MIS is taxable.

If you treat the MIS as a gift, then also the interest would be taxable in your hands.
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Nirpendra Singh

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Nirpendra Singh (Expert)
27 July 2010 YES
it would be treated as a gift and subject to tax.
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
27 July 2010 First of all investment must have been shown in someones books of accounts then only u can gift.

On maturity interest will be taxable.

If investment in MIS never shown in anyones books then whole sum will be taxable.
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