04 July 2018
My mother in law and wife has a joint FD. My mother is senior citizen but my wife is not. Being the senior citizen, the FD gets 0.5 percent more on interest. But, the interest of this Joint FD was transferred to my wife' s SB account.
The clarification is kindly sought on whose account (whether it is on mother in law's or wife's account) the accrued interest of this joint FD to be accounted while arriving their income in that particular financial year.
04 July 2018
Generally the primary account holder has to book the income and pay the tax. In case proceeds are booked by the secondary account holder, it can be considered as gift from primary holder.
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