Can either of joint holder show income from savings account

230 views 2 replies

neha

Others

458 Points Joined July 2014

my father is first holder of the bank account and my mother is second. can my mother show the interest from savings account as her income instead of my father? or can they split the income between the 2

Replies (2)

Udgam Koomar

Tax Technologist

1949 Points Joined August 2011

Normally first holder treats income as his from savings interest, You can also slipt between two or what ever arrangement you will follow needs to be documentsed so that in future years you follow same rule BUT NOT create your own variable rule evertime to save taxes.