Is clubbing possible in a joint bank account
This query is : Resolved
19 June 2014
Husband & wife have joint bank A/c (either or survivor)
Husband 1st a/c holder & wife 2nd a/c holder.
Wife deposits cheques of 13 lacs in this A/c after paying tax on the 13 lacs.
Will saving bank interest of 4% given by bank be shown in husband's return???
Many thanks in advance to my learned friends who spare the time to answer.
Husband 1st a/c holder & wife 2nd a/c holder.
Wife deposits cheques of 13 lacs in this A/c after paying tax on the 13 lacs.
Will saving bank interest of 4% given by bank be shown in husband's return???
Many thanks in advance to my learned friends who spare the time to answer.
Nikhil Kaushik
(Expert)
20 June 2014
yes....clubbing is very much applicable in this case...
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Rupesh Jain
(Expert)
20 June 2014
if wife earn income then income tax pay by the wife and if wife earn no income then clubbing provision applicable.
Nikhil Kaushik
(Expert)
20 June 2014
dear Rupesh,
In this case question is whether the interest earned by husband will be clubbed with wife or not...not the other way around...
In this case question is whether the interest earned by husband will be clubbed with wife or not...not the other way around...
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24 June 2014
yes it has to be shown in wife's return.
Nikhil Kaushik
(Expert)
24 June 2014
please check the query again...the wife has deposited her money after tax..the interest will accrue to her and not her husband...
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