Tax Treatment of Joint Savings A/C

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Mr. A.B (Querist)
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09 August 2021 Two siblings have a Joint Savings A/C. The interest earned in the account exceeds 10000. There's no FD but only savings interest (hence no TDS deducted).

The primary holder of the account isn't the owner of the funds, but the secondary holder is.

In such a case, is it possible for the secondary holder to show the savings account interest in ITR or does the primary account holder still have to show it?

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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09 August 2021 Yes, it's possible the secondary holder to show the savings account interest in ITR, as he is the owner of funds.

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