Go AD-Free with CAclubindia Pro and Daily Mobile Updates. Subscribe Now!

How to file itr of client having various joint bank a/c

VANDANA (MCOM II ICWAI INTER Working as an ACCOU) (491 Points)

27 January 2012

Dear All,

One of my client having several joint bank accounts with his mother, sister brother... 3-4 accounts 1 with his mother , 2nd with sister & 3rd with his brother..

e.g. if a/c with mother than.. income of mother & that client in same a/c etc...

My Query is : How should i file the ITR ? I mean to say.... he wants to file income tax return so... whether i file these returns individually like seprately or HUF Including....... Pl suggest !!

& How to consider income in Individual returns !!

Reply
Follow
Share

5 Replies

sushil (sr. accountant) (46 Points)
Replied 30 January 2012

I think ur client should file the return of Jointly with Mother accounts and separately with brother and sister accounts

if someone rectify above please welcome

CS,CA F,Numrologi TusharSampat (CS CA F Numerologist Astrologer Graph) (85935 Points)
Replied 30 January 2012

Return cannot be filed jointly, either it should be filed individually and/ or huf (if huf exist and if bank a/c is exclusive in d name of huf).

If only ur client is earning income and other relatives are not earning or their income is below exemption slab den no need to file deir return and file only for ur client and take propertinate income whic are joint lik intrest on savings a/c or can fully tak dat in ur clients name as he may b d sole earner and all transactions in bank a/c are ur clients only.

U have not mentioned about how in previous year ur client has dealt wit this issue u raised?

1 Like

U S Sharma (glidor@gmail.com) (21063 Points)
Replied 30 January 2012

every bank account credit the interest in name of 1st holder (unless the specific share percentage mandate is given to bank)

so check the bank accounts and file the returns in 1st holder name.

VANDANA (MCOM II ICWAI INTER Working as an ACCOU) (491 Points)
Replied 30 January 2012

Originally posted by : TusharSSampatM.Com CA,CS-FINAL
	Return cannot be filed jointly, either it should be filed individually and/ or huf (if huf exist and if bank a/c is exclusive in d name of huf). If only ur client is earning income and other relatives are not earning or their income is below exemption slab den no need to file deir return and file only for ur client and take propertinate income whic are joint lik intrest on savings a/c or can fully tak dat in ur clients name as he may b d sole earner and all transactions in bank a/c are ur clients only. U have not mentioned about how in previous year ur client has dealt wit this issue u raised?

Thank You TusharSSampat

There is no any HUF bank a/c of my client, He having a/c sometime with mother sometime with brother & some a/c of mother + brother

eg. self+mother, mother+brother, self+brother etc.......

AND investments are also all in joints... like post,shares a/c etc...

Very confused in filing of return

ther is 1 property with his mother's name... he wants to sell it NOW.... around 70-80 lac & purchase another property AFTER 2 YEARS

Now question is whether in whose name SHOULD I FILE IT RETURN.... Czo in future he may require LOAN !! & Hi s mother is not an earning woman only shares related few income !!

If WE OPEN HUF A/C IN BANK & KEEP HIS MOTHER AS KARTA OF FAMILY ! THAN CAN SHE TAKE THE LOAN... EVEN IF SHE IS NOT THE EARNING MEMBER OF THE FAMILY... HIS BOTH CHILDERNS ARE EARNING !! AND ALL A/CS ARE JOINT

PLEASE HELP !!

(Guest)

Originally posted by : U S Sharma
	every bank account credit the interest in name of 1st holder (unless the specific share percentage mandate is given to bank) so check the bank accounts and file the returns in 1st holder name.