this is taxable to me?

POSTED BY etaxmentor ON May 17, 2013 10:48 am COMMENTS (2)

                I am salaried person & my spouse is house wife. My father in law gifted Rs.500000/- to my wife after our marriage. We deposited this money in to NSC in both of our name. Is the interest earned through this is taxable to me? If we put this money only on her name, then is the interest earned through this is taxable to me?

2 replies on this article “this is taxable to me?”

  1. angan chandra says:
    May 18, 2013 at 5:33 pm

    NSC interest is always taxable to the holder name. so it doesn’t matter whether individually hold or joint hold.

    Reply
  2. Ashal Jauhari says:
    May 17, 2013 at 12:02 pm

    Dear Etaxmentor, your client’s name is there in the joint NSC, hence the interest income ‘ll also be taxable to him. In case the NSCs remain under wife’s name, the income ‘ll be taxable to wife only.

    thanks

    Ashal

    Reply

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