Save Rs 588 on a 2-Year Ad-Free CAclubindia Pro Membership. Subscribe Now!

Interest Income on Joint Bank Account held by spouses

Save Share

This query is : Resolved

Harjeet (Querist)
Follow

11 July 2023 For the case of Joint bank account held by spouses, wwhere should the interest income from savings account and term deposit be reflected.

Should the interest income be attributed to the Primary account holder?
What if the Term deposit was created from amount contributed any joint account holder and not the primary account holder for spouses case?

1. Some sites say it should be shown in Primary account holder ITR filing as clubbed incomes
2. Or it should be equally divided.
3. Or should it be shown in joint holder's ITR filing

In case of either option 2 or 3 above, as it is showing in AIS of the primary accont holder, how should this be reconciled while filing ITR return

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
Follow

12 July 2023 Primary holder is solely responsible for all the activities under the joint account. For any other holder's activity his/her separate account as primary holder should be opened.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now