Anil (1638 Points)
17 June 2008A individual who is a salaried employee opens a joint SB A/c with his wife who has no income of her own. His wife's name appears as the first A/c holder. Both of them individually can operate the account.
The question is - should interest earned on such deposit be taxed in the hands of husband? IF YES, kindly provide me with Income Tax section reference. Thanks.
ashish
(student)
(20 Points)
Replied 17 June 2008
interest earned income of salaried person as per section 64
rahulbansal
(Accountant)
(51 Points)
Replied 17 June 2008
Dear Friends,
This is clubbing of income & Sec. 64(1) ii
& Any one whoes total income in hire, Will be inclued the interest.
CAclubindia
