I am my wife have a joint NRO account.
Can we split the income earned in this account equally?
In other words, if we get inerest income of Rs 1 lac per year, can we take Rs 50,000
in each of our accounts when filing for income tax returns?
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Income calculations for joint account
Replies (4)
just because interest income accrued in joint account, 50% of income cannot be charged in the hands of your wife. she should have equal contribution as that of you on the amount on which interest was accrued. otherwise it'll be charged in your hands
Thanks for the info.
The amount for the interest was also debited from the same account. Is this good enough to claim 50% interest accrued?
pls note it is joint account.
only the first applicant pan is considered for reporting by bank.
in itr both must disclose the account as joint and it will b charged for 1st holder
only the first applicant pan is considered for reporting by bank.
in itr both must disclose the account as joint and it will b charged for 1st holder
Thanks for the response.
May be I should open another joint account with a different 1st holder
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