Interest on Bank deposits

Anil (1638 Points)

17 June 2008  

A individual who is a salaried employee opens  a 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.