Bank saving account's interest
This query is : Resolved
16 March 2014
If two sons above age of 25 and their father have a joint bank account. Father's salary kept credited in that account till his retirement. Then the elder son has credited some amount in that account out of his inome. The younger son has not credited any amount ever from his own side.
Now , father is retired. He doesnt get pension in that old account. Now while calculating father's total income, the whole of interest amount is to be taken as father's income? Or is it to be divided into three parts? If yes, then on which basis it should be divided?
The elder son is a nonresident. He has also credited amount in this account.
Now , father is retired. He doesnt get pension in that old account. Now while calculating father's total income, the whole of interest amount is to be taken as father's income? Or is it to be divided into three parts? If yes, then on which basis it should be divided?
The elder son is a nonresident. He has also credited amount in this account.
17 March 2014
the precise way of doing it would be to apportion the interest on the basis of contribution made to the account. However, it may pose a problem as the bank normally would deduct tds against one particular PAN.
Assuming that inclusion of the whole of interest income in any of the one person doesnt result in loss of tax revenue to the department, you may include the same in any of the one person's income preferably father.
Assuming that inclusion of the whole of interest income in any of the one person doesnt result in loss of tax revenue to the department, you may include the same in any of the one person's income preferably father.
18 March 2014
You are welcome sir.
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