if a person makes capital gain and puts the amount in a joint account (between him and his wife), can the interest income be shared/split between them (reducing the tax-liability) or would it still be considerd interest income of husband only?
ProgTick (N/A) (100 Points)
11 October 2012if a person makes capital gain and puts the amount in a joint account (between him and his wife), can the interest income be shared/split between them (reducing the tax-liability) or would it still be considerd interest income of husband only?
U S Sharma
(glidor@gmail.com)
(21056 Points)
Replied 11 October 2012
1st name in the account is the sole holder of account unless percentage mandate is provided to bank.
2nd holder is just a co-owner without any specific power over the amount, unless the mandate is there in bank.
2nd holder is added to ease the withdrawl in case of death of any holder, co owner will get the amount without much trouble.
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