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Interest on joint account

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Querist : Anonymous

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Querist : Anonymous (Querist)
05 August 2013 Dear Sir,

I wanted to know what is the tax treatment of interest on joint account with some notification or circular or section supporting that?
Thanks in advance
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2013 As such there is no notification or circular dealing with the same. You can opt for any one of the following alternatives:

1. Show the interest income in either of the joint owners.

2. Show the interest income equally in both.
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Querist : Anonymous

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Querist : Anonymous (Querist)
08 August 2013 Thank you for replying sir.
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CA Siddhartha Bhardwaj

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CA Siddhartha Bhardwaj (Expert)
08 August 2013 You are welcome. You should use the thanks button to convey your thanks.
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