Fixed deposit interest

kishorchandra p mehta (Querist) 14 July 2022 This query is : Resolved
RESPECTED SIR,

I AM HAVING SAVING ACCOUNT IN MY NAME WHEREIN THE INTEREST OF MY WIFE IS BEING CREDITED. THE FIXED DEPOSITS STAND IN JOINT NAME WHEREIN FIRST NAME IS OF MY WIFE.
IN THIS REGARD, PLEASE LET ME KNOW, FOR FILING INCOME TAX RETURN, THE SAID INTEREST SHOULD BE TREATED AS MY INCOME.

KINDLY GUIDE IN THE MATTER.
THANKS.
K.P.MEHTA

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This query concerns the tax treatment of interest earned on a joint fixed deposit account. The account holder has a savings account where his wife's interest is credited, and the fixed deposit is in both their names, with the wife listed first. The user seeks guidance on whether this interest should be declared as their income for income tax return purposes.

kavksatyanarayana (Expert) 14 July 2022
Yes. But you may post this query in lcaofindia.com or consult a local CA.

Dr J C Vashista (Expert) 15 July 2022
Seek advise / obligation of a local CA.

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