banner_ad

Interest earned on bank deposits

This query is : Resolved 
Profile Image

Profile Image

(Querist)
17 June 2008 A individual who is a salaried employee opens joint SB A/c with his wife who has no income of her own. His wife's name appears as the first A/c holder. Both of them individually can operate the account.

The question is - should interest earned on such deposit be taxed in the hands of husband?

If yes, kindly provide me with Income Tax section reference.

Thanks.
Profile Image

CA Hemant T Dewani

Profile Image

CA Hemant T Dewani (Expert)
17 June 2008 u/s 64(1A) of the income tax act if any money given to wife without consideration then income of that money is taxable in the hands of husband in your case first name is wifes & husband is deposited money in the saving a/c so it is added in the income of husband
Profile Image

CA Anand Sarda

Profile Image

CA Anand Sarda (Expert)
17 June 2008 As per clubbing provisions of income tax, spouse income will be clubbed with the person income if the income of the spouse is not earned bcoz of her personal talent, or ability.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now


CCI Pro
Join CAclubindia WhatsApp Finance Community & stay updated with the latest TAX news, compliance alerts and important updates all in one place!


Similar Resolved Queries


loading


Unanswered Queries


banner

Trending Online Classes

view all classess

CCI Pro
Meet our CAclubindia PRO Members
Subscribe Now

Follow us
add to google news


Answer Query



Quick Links



Browse by Category




Latest Job Openings

View all
Company
16 May 2026
Account & Audit Asst

RAHUL KHANDEBHARAD & ASSOCIATES

Nashik

B.Com

View Details
Company
ARTICLESHIP 08 June 2026
Internal & Taxation Article

O P Bagla & Co LLP

New Delhi

CA Inter

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
14 May 2026
ICSI Trainees for 21 Months and Semi-Qualified CS

CMNITY HIRE

New Delhi

Others

View Details
Company
19 May 2026
Fundraising Expert

MentorsWorld Ventures Private Limited

Ahmedabad

Others

View Details
Company
29 May 2026
Company Secretary - Part time

Shaswat initial support private limited

Ahmedabad

CS

View Details
Company
21 May 2026
Associate

PWC

Kolkata

CA

View Details
Company
09 June 2026
Accounts Associate

S Madan and CO

New Delhi

Graduate (Any)

View Details