Regarding tax paying
Rupesh
(Querist) 06 April 2014
This query is : Resolved
Hi,
My wife and i have a joint saving account in a bank. My wife is primary account holder and i am the secondary. Pls let me know who is eligible to pay Income TAX if any in this condition, primary or secondary holder?
V R SHROFF
(Expert) 06 April 2014
I TAX IS PAYABLE BY THE PERSON WHO RECD INCOME.
You did not disclose source of Income, payable to whom??
If it is FD c Bank, it is the Depositor who have to pay,
If Saving bank int, Your wife hve to pay I tax, if beyond tax-free limit.
SO NEED DETAILS..
Rupesh
(Querist) 06 April 2014
Sir, It is the FD in the name of my wife. so TAX on interest on FD is liable to pay by whom?
Rajendra K Goyal
(Expert) 06 April 2014
Bank considers 1st account holder as depositor and deducts and deposit TDS in his / her name.
ajay sethi
(Expert) 06 April 2014
agree with Mr goyal
Guest
(Expert) 06 April 2014
Interest accrued on FD is taxable at hand of the primary account holder, which the bank would deduct at source, if form 15A is not filled by the primary account holder.
Anirudh
(Expert) 06 April 2014
You have having joint SB account with the bank. However, your wife has FD with the Bank in her single name.
In this situation, Bank will effect deduction of Tax at Source from your wife only. FD has nothing to do with SB Account. Your query will assume significance, only if both you and your wife also have any other deposit in your separate names with the same bank, while holding one FD in joint name.
That is not the fact situation here. Therefore, on the interest on FD only your wife is liable to pay tax. In case that FD has been made from out of the amount made available to you, then in that event, the interest income would be clubbed in your hands and in such a situation, your wife can give a declaration as provided for under Rule 37BA.
