View Full Version : Tax on Interest received in JOINT account.

R K Rao
01-01-2016, 07:58 PM
My wife has a separate saving account for her salary. I and she have a joint account in for general purpose (where I get my pension transferred).

I am a pensioner now and mostly not liable to pay any tax (the taxable income being within exempted limits).

So, who should account for the interest received in the JOINT account? Or should it be bifurcated 50-50?

Please clarify (if possible with specific clause etc.).



Gopal Krishan
04-01-2016, 03:12 PM
It appears that the joint account is in your name and you get pension in that account. As such the interest thereon would go in your account. As such you have to account for the interest in the joint account.
Gopal Krishan

R K Rao
04-01-2016, 05:50 PM
Thank you Mr. Gopal Krishnan.
In addition to the above (correctly guessed by you), I have three more accounts - all saving accounts - in some my wife and in some my wife and daughter are joint holders. I am first holder in all of them. So if I take the interests earned in them in my tax return, is it ok?
Regards and Happy New Year.

Gopal Krishan
06-01-2016, 01:59 PM
Yes, that is OK. I also wish you a very happy and prosperous 2016.
Gopal Krishan