fixed deposit/scss related query
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if i transfer 10L or more from my account to another joint account(me & in my wife's name) and open FD/SCSS in my wife's name with her pan card thn under whose income it will be taxable. s-Certain C.A is claiming on youtube that it will be taxable under my income.
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https://www.desidime.com/discussions/fixed-deposit-scss-related-query-757b0797-9ade-4f39-a24d-d791465f9565?page=1#post_10228445
oh this is news for me:) i thought everything is liability for "primary holder / first holder" in a joint account
good to learn that interest income can be split:))
https://www.desidime.com/discussions/fixed-deposit-scss-related-query-757b0797-9ade-4f39-a24d-d791465f9565?page=1#post_10229761
hi @vincenzo i personally experienced it but as far as i know the interest is taxable on both head only if account are held in both persons name but incase it is being held in single name as it states the interest is accounted only for same person kindly be aware you might get notice incase you split/not declare interest asper the account type/categry kindly refer to your CA for this
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Primary account holder will see tds deducted but interest income can be split equally