Taxation on joint account?

POSTED BY Sunil Kumar ON August 1, 2011 12:38 pm COMMENTS (2)

Hi All,

I have a joint account with my wife and *only* I work with my wife being house wife.  Can I submit Form 15G on her her behalf and claim tax benefit?  Should both of us submit Form15G?  How is taxation handled in case of joint account?

Thanks
Sunil Kumar

2 replies on this article “Taxation on joint account?”

  1. bharat shah says:
    August 1, 2011 at 1:44 pm

    i think, in that case, one should treat the a/m as’ loan ‘ (may be free of interest!) , and not as ‘gift’ in books of accounts, for avoiding the clubbing provision. is not it, manish?

    Reply
  2. Manish Chauhan says:
    August 1, 2011 at 12:40 pm

    Sunil

    If you make your Wife as the first accoutn holder and you become the second account holder , then even if all the amount is put by you . all the interest will be treated as her income ,. This is one of the clever ways CA suggest to their clients to save income tax legally

    Manish

    Reply

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