Taxability of interest on joint account fd
This query is : Resolved
nitin jain
(Querist)
30 April 2015
Interest on Joint account FD
will be chargeable to tax and I am confused in whose return should I disclose this income?
will be chargeable to tax and I am confused in whose return should I disclose this income?
CA PARAS BAFNA
(Expert)
30 April 2015
In the name of the first depositor, generally banks deduct TDS and accordingly you may show the income.
.
In case funds are jointly invested, the amount invested by (an)other depositors can be treated as the loan taken by the depositor in whose name TDS has been deducted by the bank.
.
.
In case funds are jointly invested, the amount invested by (an)other depositors can be treated as the loan taken by the depositor in whose name TDS has been deducted by the bank.
.
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