I am 33 yrs old. My wife expired and she was working in postal department. We had a son (5 yrs old now) and I am receiving a family pension for him as guardian. Also I am remarried and working in IT.
1. Do I need to file income tax along with my son's pension income? Is pension income exemptible from tax calculation?
2. If I invest this pension income in my son's name in RD, FD etc., should the interest gained be clubbed with my income while filing tax?
Asked on 3/18/13, 6:08 am
1 Answer from Attorneys
Rohini Kumar Tenneti
R.K.1080 LEGAL SERVICES
1.If you have taxable income you are inevitably file return and even have to include your son's pension in your return u/s 64 of IT act.
2.RD interest is exempted and FD interest is taxable.
Answered on 3/18/13, 11:24 am
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