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Interest Income in Joint Holder Accounts

Today we discuss on tax-ability of Interest Income in Joint Holder Accounts. In India many people open a Joint accounts and deposit money in that like FD etc for easy availability to the spouse. but the problem arise in whose hand income is taxable and tds should be deducted.

Who will pay Income tax in Joint accounts name?

Income will be taxable in whose hand who has earned the income and invested. For find out the tax ability of income source of income is important it does not matter whether who has first name or second name. Income cannot be divided equally only on the basis that it has earned in Joint account name.

TDS Deduction in which accounts?

Deductor  will deduct the TDS in the accounts who have more income example – Mr A and Mrs A invested Rs 1 lacs in Joint accounts and Mr A also invested Rs 1 lacs. interest income of Mr A is higher.  In that case deductor will deduct TDS  for A in all the income (invested in personal or in Joint name).

If person wants to deduct the income from other name than he should give declaration that TDS should be deducted from that name.

Who can give 15G and 15H ?

Deductor is liable to deduct the TDS in any one name from the two name in joint accounts. 15G and 15H can be given by that person on which name deductor is liable to deduct TDS.


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