Taxation of MIS
This query is : Resolved
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.
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.
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.
If you treat the MIS as a gift, then also the interest would be taxable in your hands.
Nirpendra Singh
(Expert)
27 July 2010
YES
it would be treated as a gift and subject to tax.
it would be treated as a gift and subject to tax.
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.
On maturity interest will be taxable.
If investment in MIS never shown in anyones books then whole sum will be taxable.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Depreciation Chart Companies Act
- GST Audit whether Govt Companies are exempt?
- PTRC Show Cause Notice on Email
- Accounting treatment of AMC alongwith the purchase of Laptop
- Unable to File TDS Q2 Return – New TRACES Portal Error
- Transfer of Physical Stock Between Two Proprietorship Concerns
- EPF ECR NEW RULES Sep 17th 2026
- GST Treatment of Purchases with GST Paid where Outward Supplies of Manufactured CattleFeed Exempt
- Not ordinarily resident having partnership income in India and salary in USA is any form to filed be
- Taxation of crypto futures in India Fy 2026- 2027
- Expert Help Required for TDS Refund 100000 Through TRACES – AY 2022–23
- IMPORT PURCHASE ENTRY PASSED IN BOOKS OF ACCOUNT
- FAST DS 26 Undisclosed Foreign Asset Disclosure Scheme 2026
- Regime change
- Goods sold but invoice not issued
- Tally: Imported bank entries do not show up in manual reconciliation
- Sales of goods of amount Rs97 lakhs to a party
- Confused About My Career After 12th — Cyber Security, AI or Finance? Need Guidance
- FAST-DS 2026 Under Tax Law - No recourse or support for person declaring via this scheme?
- Guidance Needed: Linking Multiple Form 26QB Payments and Responding to ITD Defaulter Notice
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
