ProgTick (N/A) (100 Points)
04 October 2011This person sold some property and deposited the amount in a joint NRO account - himself and wife's. Now, on the interest earned, he wants to claim three slabs - HUF, himself and wife. Is it possible? If not three, can he claim HUF and wife? The thing is he is supposed to pay capital gain tax as himself. He didn't have any other income except capital gain and interest, and if he could show interest accrued as an income of HUF rather than himself, then it'll help his case.
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 04 October 2011
nature of bank account in which the interest is earned would be liable for interest income income accounting,
as said its joint account of himself with wife, so the interest would be accounted in his hands only ( to wife if banking mandate is given to divide interest interest income between both account holders)
HUF does not comes in picture at all,
CAclubindia
