Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 20 April 2014
1. First of all interest is taxable in hands of joint holder whose pan is given in bank account.
2. If PAN is given for both the joint holder than in the hands of first joint holder.
Note: deduction of Rs. 10,000/- u/s 80 TTA is available for this intt. on SB
tjr
(Retired)
(148 Points)
Replied 20 April 2014
What happens if 2nd Jt Holder makes cheque deposit in this account ?
does he not have to share the tax burden ?
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 21 April 2014
if entire funds pertains to second holder e than taxable in the hands of second holder only.
tjr
(Retired)
(148 Points)
Replied 21 April 2014
You mean otherwise in propotion to deposits made by each holder.
Thanks. This was my last clarification.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 21 April 2014
No problem all questions are welcomed
so if you can satisfy AO that who is contributer of funds than you can make interst income taxable in respective hands of assessee.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2010 Points)
Replied 21 April 2014
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