30 January 2014
Dear Sir, I and wife9both working) have opened a joint bank a/c (either or survivor) with wife as first holder. We have both deposited some part our income in the said account. Can we bifurcate our resp. incomes and show in our resp. returns? My second question is that if in future only I (second holder) deposit my income in the said a/c can I show it in my returns or wife has to show being the first holder? Thanks
30 January 2014
It is advisable to operate 2 separate accounts to avoid unnecessary explanation to income tax department. Yes, you may continue with this account in the income tax department but remember, the bank considers the first account holder as the person holding the account.
CAclubindia
