Treatment of Joint Bank Accounts in Filing IT Returns

Joint Savings / Term Deposit accounts is a common thing. 

Banks have various ways in which they settle the accounts. From the IT angle, how the credits in savings account or maturity proceeds are bifurcated. The question arises as the cheques favouring all the joint holders are collected by banks in the same account. In such a case how the ownership of funds is reported  for the IT purposes.  

Does the receipt of maturity proceeds of the Term deposit by surviving member make him the owner of the funds or he is regarded as Trustee till the legal heirs of the deceased holder claim the share of the deceased from him/her?  

Replies (1)

1 The transaction appearing in joint bank account are to be identified and has to be reported in the respective account holder's case.  Interest can also be divided according to the amount remain deposited. 2   The survivors are trustees and has to give the amount to the legal heir. 

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
09 September 2026
Semi Qualified CA / CA Inter - 2 Groups Cleared

Getmyca Consultant Pvt Ltd

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 15 September 2026
Freelance Taxation Content Writer Intern

Interactive Media Pvt Ltd.

New Delhi

CA Inter

View Details
Company
26 September 2026
Chartered Accountant

pushpganga ventures

Pune

CA

View Details
Company
20 September 2026
Semi Qualified CA

Navin & Associates

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 16 September 2026
CA Article Trainee

SR BAGAI & Co.

New Delhi

CA Inter

View Details
Company
30 September 2026
Senior Accounts Executive

Codeboard Technology

Chennai

MBA

View Details
Company
ARTICLESHIP 16 September 2026
Article Assistant

MANUJ SHARMA AND COMPANY

Noida

CA Inter

View Details
Company
17 September 2026
Chartered Accountant

Dass Gupta & Associates

Gurgaon

CA

View Details