Income tax -joint account-fixed deposit

Hello

 

I would like to know the tax payable for the interest from FC in bank for the following situation

There are two persons A (senior citizen) and B (not senior citizen and earningi person).  How the tax is calculated for person B ?

For example , if the joint account holders receives 1.25 lakh as interest from FD, how the tax is calculated for person B who is employed (not senior citizen) and for person B (senior citizen)?

Thanks

Replies (1)

Interest will be taxable in the proportion of deposits made of joint holders.

Remember that for joint holdings between non-relatives, there would be no tax applicable on withdrawals of up to Rs 50,000 under Section 56 of the I-T Act. However, anything above this will be taxed in the hands of the recipient

 

.see link

/experts/treatment-of-bank-interest-earned-by-joint-holders-169276.asp#.VTnJXtKqqko

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
10 November 2026
FP&A Executive

Gujarat Guardian

Ankleshwar

CA Final

View Details
Company
12 November 2026
Auditor

Oz Taxation

Vijayawada

Graduate (Any)

View Details
Company
ARTICLESHIP 28 October 2026
Article assistants

Shyam S Gupta and Company

New Delhi

CA Inter

View Details
Company
19 October 2026
Accountants/Articles (Freshers/Experienced)

ADY & CO.

New Delhi

Graduate (Any)

View Details
Company
ARTICLESHIP 22 October 2026
Articleship intern

Srinath Manikanta

Hyderabad

CA Inter

View Details
Company
ARTICLESHIP 14 November 2026
Article Assistant

Jitendra Agarwal & Associates

Bengaluru

CA Inter

View Details
Company
12 November 2026
Tax Product Specialist

BharatX.ai

Gurgaon

B.Com

View Details
Company
Featured ARTICLESHIP 28 October 2026
CA- Inter and Articles

N N V Satish & Co.,

Hyderabad

CA Inter

View Details