Income tax on joint account with father
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
My father, who was a pensioner, had a S/B account which mostly had his retirement benefits.
I was the joint account holder of that account while he was the primary applicant of the account.
The S/B account had auto sweep to fixed deposit facility for which he had earned some interest amount. Bank had deducted TDS of 10% from the above interest and deposited it on my Father's PAN. Regarding the same,
1) Do I need to declare the above interest income from the above account as part of my income?
2) If yes, then how much should I declare from the above interest as part of my income?
Thanks
I was the joint account holder of that account while he was the primary applicant of the account.
The S/B account had auto sweep to fixed deposit facility for which he had earned some interest amount. Bank had deducted TDS of 10% from the above interest and deposited it on my Father's PAN. Regarding the same,
1) Do I need to declare the above interest income from the above account as part of my income?
2) If yes, then how much should I declare from the above interest as part of my income?
Thanks
29 March 2012
Normally, income from joint accounts is treated as the income of the first holder.
So, in this case the income shall be the income of your father.
So, in this case the income shall be the income of your father.
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Querist : Anonymous
Querist :
Anonymous
(Querist)
29 March 2012
Thanks Siddhartha.
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