intt. on joint a/c

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atul jaiswal

atul jaiswal (Querist)
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13 July 2011 sir,
how,intt. on joint bank account will be taxable in both holders.
pls reply...

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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13 July 2011 If it is not significant take in one account only.
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If the fund belongs equally to all , divide the interest amount accordingly.
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Otherwise calculate @ 3.5% or @ Bank rate and bifurcate in the joint holders on the basis of amount deposited by them.
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