Taxability when mis is in joint name

While filing the income tax return, you can only show Rs.36,000/- as interest income.

But if you want you can take whole INTEREST IN ONE'S a/c but check TDS deduction statement (26AS).

I think as a accountant its of no use to show all interest in one a/c sic your taxable income will go up. For example:

Interst=72000

TDS on 72000= 3600+3600

Credit for which cannot be taken in one PAN. So, if you take 72000 in one a/c then tax will be 7200

out-of-which 3600 is deducted as at source. Therefore 3600 is still payable.

Choice is your !!

joint holder is just a co owner of account unless specific mandate is given to post office for credit of interest in the names in specific percentage, 

in absence of such mandate, always 1st holder is the sole owner of the deposit and all such interest is credited to his hands only for tax purpose, 

thanx for ur advice! it was really helpful! :)

I took a Hsg. loan in the joint name of my wife. The house is also in joint name. How can both take benfit of Interst and Principal - i.e. 50% each. ?  The instalments are being deducted/paid from my account only and the major household expenses are bared by my wife.

Please advise.  Also give any case history and judegments, if any.

JOINT NAME DOES NOT MAKE ANY EFFECT, WE HAVE TO SEE THAT WHOSE FUNDS ARE THERE, IF SOURCE IS OF MOTHER THEN ALL THE INTEREST IS TAXABLE IN THE MOTHER HANDS.

THANKS.