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:

    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?

  2. 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

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