Title: This is regarding my previous question number "28404" that Darul Ifta has answered. Jazakallah. I need some more clarifications, for recovering income tax through future generated interest money do I have to use only that interest which is given by Govt.

Question: This is regarding my previous question number "28404" that Darul Ifta has answered. Jazakallah. I need some more clarifications, for recovering income tax through future generated interest money do I have to use only that interest which is given by Govt. Of India or I can use other banks interest where I hold account like Citibank, ICICI. I discussed it with an eminent Mufti in Mumbai and he told me that since income tax is taken by the Central Government so you can use interest given by the Central Government or its owned agencies like SBI etc only for recovering income tax not any other source of interest. Please clarify from this aspect.

Answer ID: 32145Posted on: Aug 31, 2020

Bismillah hir-Rahman nir-Rahim !

(Fatwa: 880/522/L=1432) The interest (which can be paid in income tax) is one that is received from governmental banks. It is not lawful to pay income tax with the interest money received from private banks.