Hi, I’ve a joint RD with my wife in post office. In FY 23-24 it got matured and all the returns credited in my wife's account. I checked my AIS , and it was showing there for me. So, my question is who has to pay that income tax? In case of my wife, it would be zero (as no other income) . And for me I have to pay as 30% rate . Or we can mutually divide it? What is the ideal way?
Who should pay tax in joint RD account?
- Thread starter AKG
- Start date
CA Sunil Chahal
KF Ace
You have to show equal share in both of your and your wife ITR
Thanks for the response. I have a query. What will happen if I show complete amount in my wife ITR. As all the returns credited in her account only?
CA Sunil Chahal
KF Ace
What was source of funds
Your account or wife account or from joint account
Your account or wife account or from joint account
Actually I transferred money to a known person from my account on every month and he credited to the post office by cash . It was not a big amount. Around 3k monthly.
CA Sunil Chahal
KF Ace
If its only 3k pm then just show in your ITR and pay tax it will be max 1000, why taking unnecessary burden of thinking so much
My emi was 3k per month for 5 years .
Amount I paid = 3000*60= 180000
Interest I received = around 38000
CA Sunil Chahal
KF Ace
Interest is taxable on accrual basis not on credit basis , so not 38,000 taxable its 5 year interest. But if you have not shown interest in earlier year then have to pay tax on it as all contribution make by you so you have to pay tax on it.
Disclaimer
The information provided here regarding your tax/other issue is for informational purposes only and should not be considered as legal advice. My suggestions are based on my understanding.
Disclaimer
The information provided here regarding your tax/other issue is for informational purposes only and should not be considered as legal advice. My suggestions are based on my understanding.
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