Joint bank account
vishu (accountant) (224 Points)
21 July 2018
Joint bank account ke case m int income kiski Itr m show hogi. And Bank Account number kiski itr m show hoga
Syed Mohamid Hasan
(Senior Accountant)
(21 Points)
Replied 09 May 2019
I have a joint account with my father. My father name appears first in the bank account(he is the first holder) but he does not make any transaction in this account as he owns another saving account which is exclusively in his name.My salary gets deposited in the joint account and all the transactions in the joint account have been done by me and the balance amount consists of salary earned by me during F.Y. 2018-19.My question is: 1.) In whose Income Tax Return would interest earned on joint account be taken as an income? 2.) Closing balance amount as on 31.03.2019 in the joint account would be taken in whose balance sheet for the F.Y. 2018-19?
CAclubindia
