How is Taxable income determined on joint FDs?

POSTED BY VijayG ON March 14, 2013 12:03 pm COMMENTS (2)

If I have an Fixed Deposit with 2 names (joint), and get the interest deposited to a saving account again with the same 2 names. How is the tax calculation? Can just one member of the joint account declare the entire amount? Just trying to see if one name is of a parent (with no direct income), can this be used to save tax on the FD interest.

2 replies on this article “How is Taxable income determined on joint FDs?”

  1. VijayG says:

    Thanks FFC!

  2. If A and B open an account together and if the source of the money is from A, then A alone should pay tax and claim TDS from bank.

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