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Viney Puri (officer )     23 September 2013

Tax on interst on fd of minor

Sir, interst on fixed depsoit in the name of minor out of money gifted to him how to be calculated for income tax


 1 Replies

Prasun Chandra Das (Banker)     23 September 2013

Income from interest will be taxable in the hands of the parent whose total income is greater (assuming you are not divorced). This is u/s 64(1A) if Income Tax act. However, u/s 10(32), parent in whose hands the minor's income is clubbed is entitled to an exemption upto Rs.1500/-per child.

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