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Monday, April 29, 2024
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| Q | my grand son aged 4years citizen of USA. Born to Indian parents. Presently living in USA. can his parents invest RS10.00lacs in Kisan vikas patra in their son's name to get matured 2 times so that the beneficiary gets Rs40.00lacs.If is eligible what will be the tax angle. Please advise. | |
Posted By : ravi kumar a , hyderabad | On 31.3.2010 |
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| 1 | Dear Sir, I saw your query in the website. No income tax benefit is available under the Kisan Vikas Patra scheme. Interest income is taxable, however, the deposits are exempt from Tax Deduction at Source (TDS) at the time of withdrawal. KVP deposits are exempt from Wealth tax. |
| Posted By :Ananth , hyderabad | On 30.6.2010 | |
