Avail 20% discount on updated CA lectures for Dec 21 .Use Code RESULT20 !! Call : 088803-20003

ICICI

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Ashish (Engineer)     30 April 2013

Income tax on interest earned/ profit made

Please confirm my understanding on the following cases.
 
Case - A
1. I transfer my money to my father's account
2. He does Fixed Deposit of that money / puts it in trading
3. The interest earned / profit made on that amount will be added to my father's income for Income Tax calculation purpose.
4. When required, I took my money back (without interest) from his account. It is then my money for my investment / housing finance.
 
Case - B
1. I transfer my money to my wife's account
2. She does Fixed Deposit of that money / puts it in trading
3. The interest earned / profit made on that amount will be added to my income instead of my wife's income for Income Tax calculation purpose as per IT section 64.
 
Your help is really appreciated.
 
Regards,
Ashish

 



 1 Replies

CA. Kuldeep Singhi

CA. Kuldeep Singhi (Entrepreneur)     01 May 2013

Yup its correct :)


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  


Related Threads


Loading
Start a New Discussion

Popular Discussion


view more »







Subscribe to the latest topics :
Search Forum:

Trending Tags