Joint account

Tax queries 563 views 1 replies

Rahul Sharma

dgdgd

54 Points Joined October 2010

Hello ,

Basicly i want to know that i have joint account with my wife(My wife is first account holder and me second) and recently i got some payment in form of cheque . If i add that cheque to this account whose income this will be calculated? As this cheque is on my name and TDS is also cut from that income.

Thanks in adavance

Replies (1)

Nitesh Gupta

Proprietor

55 Points Joined September 2010

Income should be added in your a/c not in your wife a/c and there no effect which name is first holder a/c . As per income tax act income will be added to the total income of the person whose name mention in cheque.