Joint Account of fixed deposit
This query is : Resolved
Neha David
(Querist)
01 July 2011
In case if FD is done from joint account of Mrs & Mr A. Who will have to pay tax on the interest on the FD?
Beneficial owner is Mrs A but source of income from which FD is made is through Mr A?
Bank gives TDS certificate to Mrs A.
Kindly reply
In case if FD is done from joint account of Mrs & Mr A. Who will have to pay tax on the interest on the FD?
Beneficial owner is Mrs A but source of income from which FD is made is through Mr A?
Bank gives TDS certificate to Mrs A.
Kindly reply
chetan soni
(Expert)
01 July 2011
On the basis of prudence & clubbing provisions. If the source of FDR is from Mr. A then Mr. A should pay taxes on the same & claim the TDS deducted by the bank.
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Neha David
(Querist)
01 July 2011
Thank you Sir
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