05 July 2018
My Son have opened Joint bank account with his wife having wife 1st holder & Son as Joint Holder. Both are earning and transferring money to this Joint account for making common expenses like rent & other household exp. How will this Account be treated in I.Tax Return. In whose file will this account be shown or can this account be shared with both of them showing their share of contribution and expenses ? Further they also have started SIP & made mutual fund investments from this Joint account. Also SON have shown rent paid to claim HRA Deduction in his company.
CAclubindia
