Hi,
My father is not keeping well these days. He has some investments in post office small saving schemes like MIS which is getting matured in next few days. If we invest again amount in post office senior citizen scheme and keep my daughter as the nominee, then after demise of my father, will there be any tax liability for me?
Total interest income of the invested amount will be less than 1 lakhs. If my understanding is wrong, please advise on how can I make the investments (not in equity) without having tax liabilities. I want to do fixed income sort of safe investments. My daughter is 4 year old. If it is not possible to make a minor as a nominee, then is it possible to have my wife as the nominee. She is in 10%tax bracket and I am in 30% tax bracket.
1 Answers
Hi dear,
Any income earned by a minor kid gets clubbed to income of her parent/guardian.
Kindly note that rules of clubbing of income also comes into picture if your father gifts an amount to your spouse. Any income earned by the recipient on the gift shall be clubbed with the income of donor (your father).
Read: Gifts & Income Tax implications.
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