SOBERDAADA (teacher) 07 January 2014

Income tax

SIR, MY QUESTION IS THAT MYSELF AND WIFE ARE JOINT ACCOUNT HOL;DERS.AND WE BUY FDR'S THOUGH ONLINE BANKING SO THE FDRS ARE ALSO IN JOINT NAME. CAN DURING FILING MY INCOME TAX I FILE 50% OF THE INTEREST EARNED WILL BE VALID?

SUPPOSE INTEREST EARNED IS 5LAKH SO SHOULD I SHOW 2.5 L MY NAME AND 2.5 L ON WIF'S NAME IS OK.?

Reply Follow

12 Replies

Sanjeev (Lawyer) 07 January 2014

The Interest belongs to the first holder. The first holder needs to show this in his tax return.

Rama chary Rachakonda (Secunderabad/Telangana state Highcourt practice watsapp no.9989324294 ) 07 January 2014

ncome tax is to be deducted in cases where the total interest paid or credited on all time deposits with a branch in the name of a depositor, whether singly or jointly (as first named person) exceeds Rs.10,000/- in a financial year.

sreekanth (Assistant Manager- Taxation) 08 January 2014

Since you are saying that Interest Income is 5 Lakh for Per Annum,, Which is morethan Exemption Limit of Rs.10,000 for TDS under section 194A,,, The Bank would have already deducted TDS on this.

Check How Bank Has Apportioned Income & Deducted TDS.

If they apportioned 50% Income to you & 50% income to your wife,, Then you may File the Tax Return with 50% As your income & 50% as your wife income.

If bank did otherwise,, talk to bank if it possible to file revised etds return for them.

soruce:https://www.exploreincometax.com/Income-tax-Ready-Reckoners/all-about-tax-deduction-at-source-on-interest-payments-otherthan-securities-tds-under-section-194A

For checking Your TDS ,if you have income tax efiling Login,, Use the link:https://www.exploreincometax.com/Income-tax-Online-Facilities/know-the-income-credited-against-my-pan-card-using-income-tax-e-filing-login

If you dont have income tax efiling login use the link:https://www.exploreincometax.com/Income-tax-Online-Facilities/know-the-income-credited-against-my-pan-card-using-bank-net-banking-password

sagar mistry (TAXATION LEGAL DOCUMENTS AND PROPERTY MATTERS) 08 January 2014

hii

first u have to show your both- your and your wifes sepreat income tax return .

Kumar Doab (FIN) 09 January 2014

Ask the BM to issue two proceeds of payment in the name of both joint holders.

Thereafter both can file separate ITR.

R RAJAGOPALAN (ADVOCATE) 10 January 2014

Your Query: SUPPOSE INTEREST EARNED IS 5LAKH SO SHOULD I SHOW 2.5 L MY NAME AND 2.5 L ON WIF'S NAME IS OK.?

Reply: You may write to your bank Branch Manager to inform that the holdings of yourself and your wife are 50% each, and therefore TDS is to be effected accordingly only.Then you may SHOW 2.5 L In Your NAME AND 2.5 L iN WIFe'S NAME

Rajesh Thakker (Advocate) 10 January 2014

Dear friend approach to the branch manager and managed to divide the FDR on two names. Remove the joint name. You become nominee in each other FDR instead of joint holder. Be practicle.