https://www.taxtmi.com/caselaws?id=69510 Interest from fixed deposits was treated as the assessee's individual income, not HUF income, because the deposits were traced to separate earnings and savings of the assessee and her late husband, and the husband's gains from learning retained their separate character under section 3 of the Hindu Gains of Learning Act, 1930 despite the use of joint family funds for education. The savings therefore did not blend into HUF property and devolved on the assessee under the will in her individual capacity. Interest paid on an overdraft secured against the fixed deposits was not deductible, because the fixed deposits and overdraft were separate transactions and the borrowing was for estate duty liabilities, not expenditure laid out wholly and exclusively to earn the deposit interest under section 57(iii) of the Income-tax Act, 1961. en-us Wed, 28 Sep 1983 00:00:00 +0530 Thu, 07 Apr 2011 14:00:26 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=69510 Interest from fixed deposits was treated as the assessee's individual income, not HUF income, because the deposits were traced to separate earnings and savings of the assessee and her late husband, and the husband's gains from learning retained their separate character under section 3 of the Hindu Gains of Learning Act, 1930 despite the use of joint family funds for education. The savings therefore did not blend into HUF property and devolved on the assessee under the will in her individual capacity. Interest paid on an overdraft secured against the fixed deposits was not deductible, because the fixed deposits and overdraft were separate transactions and the borrowing was for estate duty liabilities, not expenditure laid out wholly and exclusively to earn the deposit interest under section 57(iii) of the Income-tax Act, 1961. Case-Laws Income Tax Wed, 28 Sep 1983 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=69510