Tax on “interest on savings bank a/c” credited to the joint bank account
This query is : Resolved
28 March 2023
A and S are husband and wife.
A invested shares of in the name of S.
S sold the shares in FY 2021 - 22.
S received the sale consideration from sale of shares in her Individual Bank Account.
Later the sale consideration was transferred to joint account of A and S.
S is the primary account holder for the joint bank account.
Query 1 – Who is responsible for payment of income tax on “interest on savings bank a/c” credited to the joint bank account? (i.e. Whether interest on savings account will be added in the hands of A or S ).
A invested shares of in the name of S.
S sold the shares in FY 2021 - 22.
S received the sale consideration from sale of shares in her Individual Bank Account.
Later the sale consideration was transferred to joint account of A and S.
S is the primary account holder for the joint bank account.
Query 1 – Who is responsible for payment of income tax on “interest on savings bank a/c” credited to the joint bank account? (i.e. Whether interest on savings account will be added in the hands of A or S ).
28 March 2023
First of all the capital gains on sell of shares will be clubbed in the file of Mr. A.
Secondly. interest of saving account gets assessed in primary holder's account, unless you declare in ITR other way.
Secondly. interest of saving account gets assessed in primary holder's account, unless you declare in ITR other way.
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28 March 2023
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