A individual who is a salaried employee opens joint SB A/c with his wife who has no income of her own. His wife's name appears as the first A/c holder. Both of them individually can operate the account.
The question is - should interest earned on such deposit be taxed in the hands of husband?
If yes, kindly provide me with Income Tax section reference.
Thanks.
Yes, Interest Earned from Bank Account shall be taxable as Income From Other Sources and shall be clubbed in husband's income (Kindly see chapter Clubbing of Income for further details)
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