Karunakar (ACCOUNTS OFFICER IN TATA PROJECTS LTD.) (73 Points)
07 August 2015Please let me know if one individual having joint account with his wife while filing of ITR whether that joint account should be disclose or not and if any income occured in the previous year in the name of wife, income should condiser in to his account or his wife's account.
Z
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(2965 Points)
Replied 07 August 2015
All acounts, including joint accounts but excluding dormants accounts , are to be included.
If there is a ratio precsribed then distribute the income in that ratio, otherwise mostly it is treated as income of the 1st holder (in absence of other info).
What do you mean by income accrued in name of wife? [Not from a joint account?]
Is it like FD on her name but funds were yours?
That income is to be clubbed in your income.
CAclubindia
