Tax on interest earned from Monthly income schemes

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  1. Somesh@92

    [email protected] New Member

    Hello,

    I have just invested money in a MIS Scheme in UCO Bank in my mother's name. Since she is a housewife her only source of income is the interest earned from the investment.
    I was careful to ensure that the annual interest earned would be less than 2.5 lakhs so as to avoid tax.
    Will I have to pay any additional tax on the income earned ?.
     
  2. ZED

    ZED Well-Known Member

    Through whose bank account did the investment was made? Yours or of your mother?

    It is possible to take a view that income is actually yours but it is diverted to your mother.
    Does the scheme provides that investment can be made from any bank account (even by the person other than the beneficiary) ?
     
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