Joint fd interest:

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This query is : Resolved

Raman Kumaran (Querist)

04 July 2018 My mother in law and wife has a joint FD. My mother is senior citizen but my wife is not. Being the senior citizen, the FD gets 0.5 percent more on interest. But, the interest of this Joint FD was transferred to my wife' s SB account.

The clarification is kindly sought on whose account (whether it is on mother in law's or wife's account) the accrued interest of this joint FD to be accounted while arriving their income in that particular financial year.

Kindly clarify.

Thanking you,

regards
raman k

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)

04 July 2018 Generally the primary account holder has to book the income and pay the tax. In
case proceeds are booked by the secondary account holder, it can be considered
as gift from primary holder.

Raman Kumaran

Raman Kumaran (Querist)

05 July 2018 Thanks for your kind clarification, Sir.

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