03 July 2010
Who will declare interest income in case of joint FD??? normally 1st account holder declare interest income but whether we have provision to divide the same in both joint holders?
05 July 2010
There is no provision to divide the interest received jointly. It is to be seen from whose account the cheque was issued for investment in Fixed Deposit. Interest will be deemed to be the income the person who has invested his money in Fixed Deposit.
Generally we issue cheque from the ist holder account to claim Tax if any deducted on the interest recived on such FD.
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