Mr.A and Mrs. A ( both are assessees ) are joint holders (50:50) of FDR in a bank, say (Rs. 4 lacs)
a. How the income should be declared in their individual returns?
b. How can TDS be claimed, if the certificate is in the name of the first holder?
c. If income has to be declared on a 50:50 basis, who is eligible to claim TDS?
d. Will the AO allow total TDS in the return of first holder even though income offered is only 50%? How can it be justified ?
Usha
As far as my concerned there is no option of sharing in FD . As you told 50:50 but there is no percentege crieteria in FD , yes FD can be joint owner but the main OR Responsible person is first person whose name has been first mentioned in FD. So there is no question of 50:50 .
All the income is taxable in the hands of first person...............................
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