I am salaried person. I have a post office interest income of rs 36000/- in A.Y. 2010-11. This account is in joint holding with my wife and she is also income tax payee. Can we take intereste income 50 + 50 by both or single by first holder only.
03 August 2011
IF YOU BOTH ARE INVESTING IN SAME ACCOUNT AND YOU BOTH HAVE PROOF OF YOUR INVESTMENT, YOU CAN TAKE INTEREST INCOME IN CONSIDERATION ON THE BASIS OF PRORATA AS PER ON YOUR INDIVIDUAL INVESTMENT.
HOWEVER, IF YOU DO NOT HAVE PROOF OF INDIVIDUAL INVESTMENT, CLUBBING PROVISION MAY COME IN EFFECT.
CAclubindia
