In case of interest from FDs on joint account, the primary account holders is liable for declaring income, since Form 16A is issued in her name. however the interest earned by primary member on those FDs the actual interest amount credited to secondary account holder. in such scenario, is primary account holder is still responsible for declaring income under Income tax Act? or the Secondary account holder who receives the amount in his individual bank account is liable for tax?
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Interest on joint FD
Replies (4)
Form 16(A) issued to secondary account holder in her name, in my opinion She is liable to tax , and declared in I T return. wait for others reply also .
Check interest income is reported under whose PAN.
thanks, here the primary account holder is wife and even Form 16A is issued to her adding interest income. But actual interest amount credited to husband's account (he is also an assessee). In this scenario, is husband need to declare this income?
No. only the wife. unless it is a case of clubbing of income
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