Fd interest

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CA Deven

CA Deven (Querist)
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07 April 2014 In case of Joint A/c the FD interest is chargeable in whose hand i.e. 1st applicant or 2nd.

Sandeep Dharar

Sandeep Dharar (Expert)
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07 April 2014 It is chargeable to both of them coz, they r joint owners of the FD.

Anoop N S

Anoop N S (Expert)
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07 April 2014 divided equally amoung them .. agrees with Sandeep

CA Deven

CA Deven (Querist)
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08 April 2014 if there are three applicant than ??
and two of them are does not have any taxable income.

Sandeep Dharar

Sandeep Dharar (Expert)
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08 April 2014 It will b divided equally among all the owners whether there r two owners or 100. If other have no taxable income then its ok they need not have to pay tax.

CA Deven

CA Deven (Querist)
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08 April 2014 are you sure know sandeep dharar .. no clubbing provision would be applicable in this case

Sandeep Dharar

Sandeep Dharar (Expert)
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08 April 2014 If there is a relation among the partners then clubbing is possible. Like If Father & son r joint owners then son's interest(if taxable income is below slab rate) will b clubbed in fathers Account.

CA Deven

CA Deven (Querist)
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08 April 2014 So thats what I am telling you know .. see my income is taxable but my father is not than whether it will be taxable in my hand ?

Sandeep Dharar

Sandeep Dharar (Expert)
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08 April 2014 No in that case ur father will file a nil return. His income can't b clubbed to ur's

CA Deven

CA Deven (Querist)
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08 April 2014 My father is not filing return since his income is below taxable limit ...now tell me whether clubbing will come into picture or not ??

Sandeep Dharar

Sandeep Dharar (Expert)
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08 April 2014 Firstly remove CA in front of ur name. U r not able to understand a small thing. If he is not filing then its ok. But it will not clubbed to ur income.

I think this is clear now. And if not I m unable to reply more..

CA Deven

CA Deven (Querist)
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08 April 2014 Thanks Sandeep I just wanted to confirm caz i dont want to end up paying higher amount of tax at the year end.

No need to reply ..
Just a simple thanks..

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