Dear Sir/Madam,
I have a joint saving account with my wife and she is not earning. I am the primary account holder and generally I deposit money in this account. Can the interest earned in this account be shared by both my wife (50%) and me (50%) ? If yes, then does she need to fill IT return by showing 50% of the total amount deposited by me as a gift in this account?
Kindly suggest how to share the interest earned in this joint account by me and my wife.
Regards
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IT return on the interest earned in joint account
Replies (2)
Whole internet income is charged in ur hand. because clubbing provisions apply and amount transferred without adequate consideration .
FD interest will be taxable fully in your hands. Nothing will be taxable in hands of your wife.
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