Interest on joint account

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

05 August 2013 Dear Sir,

I wanted to know what is the tax treatment of interest on joint account with some notification or circular or section supporting that?
Thanks in advance

CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 August 2013 As such there is no notification or circular dealing with the same. You can opt for any one of the following alternatives:

1. Show the interest income in either of the joint owners.

2. Show the interest income equally in both.

Querist : Anonymous

Querist : Anonymous (Querist)

08 August 2013 Thank you for replying sir.

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CA Siddhartha Bhardwaj

CA Siddhartha Bhardwaj (Expert)
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08 August 2013 You are welcome. You should use the thanks button to convey your thanks.