Suppose, a person is involved in a profession (sole proprietorship) and using a savings bank a/c for making transactions related to his profession where he and his wife is the joint holder. The person is the 1st Holder.
In that case, if such a/c got credited with substantial amount related to his wife (2nd holder), how this amount will be treated in the accounting books of such person, as he is showing this bank a/c in his balance sheet?
Further, how this amount will be dealt with for computing income tax liability of such person?