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Income tax on joint account with father

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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

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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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.

Message likes : 1 times

Querist : Anonymous

Querist : Anonymous (Querist)

29 March 2012 Thanks Siddhartha.

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