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Interest from mis is taxable
Interest from MIS is taxable or not?? Me and my mother joint holders of MIS. But whole payment in MIS is made by my mother. So I wanna know, is tax on interest income would be paid by mother or both of us
Replies (3)
Income from MIS is taxable. In this case it will be taxed as mother's income.
But y??..
I m not a minor
the criteria is who contribute for the MIS deposit initially if you and your mother contribute than taxable in the hands of both even entire interest goes to your mother account only. u/s 60
if your mother contribute totally than entire interest income is taxable in the hands of mother and vice-versa.
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