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Tax implication on current account

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Syed

Manager

23 Points Posted on 08 December 2016

Dear Sir,

I have Home loan from IDBI bank under name Home Loan Interset Saver Scheme, similar to SBI Maxgain Home loan Scheme.

Bank has opened Flexi current account which is linked to my homelaon account and the direct debit of EMI take place from my current current. My interest amount gets saved when i park any surplus amount in this current account.

My question : When I park surplus amount in this flexi current account , will be there any income tax implication under preavailing tax rules?

Kindly give me your suggestions.

Thanks,

Syed

Replies (3)

CA Neha Agrawal

505 Points Posted on 08 December 2016

Please be specific what tax implication are you referring

Syed

Manager

23 Points Posted on 09 December 2016

Thanks for your reply,

Actually wanted to know whether there is any income tax applicable for the surplus amount parked in my current account linked to my home loan for interest saving. This current account is nothing but similar to overdraft facility provided by bank for saving interest on home loan amount. Please refer to my previous thread for details.

Thanks,

Syed