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Income calculations for joint account

Gopi (Engineer) (123 Points)

28 October 2018

I am my wife have a joint NRO account.
Can we split the income earned in this account equally?

In other words, if we get inerest income of Rs 1 lac per year, can we take Rs 50,000

in each of our accounts when filing for income tax returns?

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4 Replies

rama krishnan (12239 Points)
Replied 28 October 2018

just because interest income accrued in joint account, 50% of income cannot be charged in the hands of your wife. she should have equal contribution as that of you on the amount on which interest was accrued. otherwise it'll be charged in your hands

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Gopi (Engineer) (123 Points)
Replied 28 October 2018

Thanks for the info.

The amount for the interest was also debited from the same account. Is this good enough to claim 50% interest accrued?

RAJKUMAR TG (397 Points)
Replied 28 October 2018

pls note it is joint account.
only the first applicant pan is considered for reporting by bank.
in itr both must disclose the account as joint and it will b charged for 1st holder