Savings interest how apportioned on joint holders.
While filling income tax return savings interest shown in all joint holders or not.
Please clarify.
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savings interest on joint savings account
Replies (5)
Taxable in the hands of first account holder
Even though answer is same if first holder house wife and second holder is employee
Clubbing Provisions will apply
Thank you sir for giving information
Sir,
If the second holder[i.e employee] is in the highest slab rate. Then it is better to shown this income in the house wife account by saying she have skills like tailoring, embroidery etc..
And the apportionment of interest is based on circular 16.
If the second holder[i.e employee] is in the highest slab rate. Then it is better to shown this income in the house wife account by saying she have skills like tailoring, embroidery etc..
And the apportionment of interest is based on circular 16.
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