Interest Income on Joint Bank Account held by spouses
This query is : Resolved
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
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
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.
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