30- Those who make payments for the items subject to this tax must withhold these taxes or obtain stamped receipts, as the case may be, and are jointly responsible with the taxpayer for the related tax. Interest is considered received when the creditor has the right to dispose of it, even though it is not actually received in cash. It should be noted that in the case of individuals, the provisions of the previous law subsist to the effect that amounts re-ceived by the creditor shall be applied first to interest earned, and forgiveness or remission of debts on which interest has been earned requires payment of the related tax on the forgiven interest. C. TAX ON COMBINED INCOME OF INDIVIDUALS 46. Individuals subject to _tax and taxable income: Individuals who receive income in cash or in kind derived from personal services or from capital investments which exceeds US$12,000 in a calendar year, after taking into account the deductions and adjustments authorized by the law relating to the taxes on income from personal services and capital investments, are subject to this tax. Nevertheless, not all income taxable under the tax on income from personal services and the tax on income from capital investments is includable as taxable under this tax. Excluded is income derived from indemnities for discharge, old age or retirement; from the sale of urban real estate and securities and from rentals or sub-rentals when the monthly rent does not exceed US$56; when the monthly rental exceeds this amount only 35% (50% of the taxable rental received after deducting 30% of the income) is includable in taxable income. The Law of Revenues of the Federation provides that dividends and interest income from securities, loans to credit institutions and deposits in credit institutions are not includable in taxable income for purposes of this tax in 1965. 47. Exclusions and deductions: The following amounts relating to families are excluded from combined income: a) US$480 for the taxpayer. b) US$240 for the spouse, and c) US$120 for each ascendant or descendant who is financially dependent on the taxpayer. The exclusions in b) and c) can be taken provided that the annual income of such dependents does not exceed US$480.