Single bank sb account maintained jointly

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This discussion explores how to handle transactions from a jointly maintained savings bank account when filing two separate income tax returns. The core question is whether all transactions should be split 50/50 between the two individuals, or if only applicable transactions should be reported based on the actual income derived by each assessee, such as 100% rental income for one individual.

Kollipara Sundaraiah

Kollipara Sundaraiah (Querist)
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15 December 2020 Two I.t return filed individual Assess single bank sb account maintained jointly transactions
1st Assess trading transactions in bank sb account
2nd Assess rental income transactions in bank sb account.
Question:
Two I.t. return filed assess every transaction 50:50 share or Assess applicable transactions only entries passed in books.