TAX on fixed deposit yielding monthly interest

[genu nambiar]

IF a parent deposits an amount in the name of his major child out of his pension in a cooperative bank where no kyc or pan card is attached to the account who will have to pay the tax? the deposit yields monthly interest? what will be the case if the deposit is made in joint name of parent and his son who is a major but unemployed?

AI Summary

Interest Income from Parent's Deposit in Major Child's Name Taxable to Child; Joint Deposits Taxed by Proportion A query was raised about the tax implications on fixed deposit interest when a parent deposits money in a cooperative bank account in the name of their major child, without attaching KYC or PAN card details. The discussion concluded that the interest income is taxable in the hands of the major child. If the deposit is in the joint names of the parent and the major child, the parent's share of the income is fully taxable to them unless it is proportioned, in which case the child's share is their own taxable income.