+ Reply to Thread
Results 1 to 4 of 4

Thread: Tax on Interest received in JOINT account.

  1. #1
    Senior Member R K Rao is on a distinguished road
    Join Date
    Oct 2008
    Posts
    441

    Default Tax on Interest received in JOINT account.

    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.).

    Regards

    RKR

  2. #2
    Senior Member Gopal Krishan is on a distinguished road
    Join Date
    Nov 2011
    Posts
    469

    Default

    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

  3. #3
    Senior Member R K Rao is on a distinguished road
    Join Date
    Oct 2008
    Posts
    441

    Default

    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.

  4. #4
    Senior Member Gopal Krishan is on a distinguished road
    Join Date
    Nov 2011
    Posts
    469

    Default

    Yes, that is OK. I also wish you a very happy and prosperous 2016.
    Gopal Krishan

+ Reply to Thread

Similar Threads

  1. nps contribution not reflected in NPS account
    By charansverma2012 in forum NPS
    Replies: 1
    Last Post: 22-10-2010, 07:16 PM
  2. Acp received prior to 1.1.2006 in the pre-revised scale
    By rajendra in forum Promotion, ACPS & MACPS
    Replies: 3
    Last Post: 03-10-2010, 04:42 PM
  3. Rediffmail account
    By R K Rao in forum Internet
    Replies: 10
    Last Post: 05-08-2010, 09:06 PM
  4. What shall be my new Basic Pay on account of GP 4600?
    By roymicheal in forum Pay Fixation
    Replies: 8
    Last Post: 15-12-2009, 09:47 AM
  5. Has anyone already received Arrears?
    By Suresh in forum Arrears
    Replies: 26
    Last Post: 23-10-2008, 08:39 PM

Bookmarks

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts