To All
My Father is Pensioner. He was invest Rs.20000 in 5 years FD in bank and mature Amount is Rs.29192.(80C at the time of Deposit ) My father has joined Bank A/c with my mother ( 2nd holder )
1 - Interest on FD Rs.9192 ( 20000-29192 ) treat as income ?
2 - This Interest income declare in my father IT return or My mother IT retun or both 50 % ?
interset income is taken in your father's return only
It will be your father's income.
Income from interest will be taxable in your fathers hand only cause the 1st holder is your father.
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