Interest on fixed deposit

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

01 February 2013 My friend's father is a retired(volunteer) Central Govt. employee.He is having a joint account with his wife.He got his retirement pension in that account and invested whole amount as fixed deposit jointly(names of both primary and joint holder is included) through cheque.
In first year the bank deducted TDS against PAN no. of his father and thus he showed whole interest income in his return.

Now for this A.Y he want to show either whole or half part on interest income in his wife return.
Is it possible for him to do so. Is there any such provision in Income tax in this regard.

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
Follow

01 February 2013 There is no such provision in this regard.
.
To avoid such practice there are provisions in the Income-Tax Act. Refer Section 60 and Section 64(iv).
.

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