Joint bank account: taxability query

yashsr (CA) (2275 Points)

24 March 2012  


If there is a joint account between 2 persons who have no relation to each other, in whose income/balance sheet does it have to be taxed/shown? Usually its a practice to show it in the name of the person who is the primary holder of the account or whose name appears first. But is there any chance we can show it in another person's name? Can we by any chance divide everything into 2 and show it?

Is the situation any different if both of the joint account holders are related to each other? What if they're husband & wife?