Question ID :
41006
Disclosure in ITR in case of Joint Bank Accounts
Dear Friends,
An individual and his wife, both residents, are filing income tax returns. The individual has few bank accounts on either or survivor basis with his name as first holder and his wife's name as second holder. The wife's name as second holder is for conveience sake only. The individual is showing the details of those bank accounts in his ITR every year as the first holder. Please advice me whether the wife should also disclose the details of those bank accounts where she is the second holder in her ITR.
Posted by
Sudeep B. Sarwate
on
Mar 25, 2021
Filed Under
DIRECT TAXES
Generally peoples are not disclosing the bank accounts in ITR in which they are simply a joint holder and operation in the account is predominantly belongs to other joint holder who is the main operator of the account.
Posted by
CA. JHA SHANKAR KUMAR on
Mar 25, 2021
Answer ID :
81007
Yes. Accounts held in joint name should be disclosed by second joint account holder also.
Posted by
CA. chunauti dholakia on
Mar 25, 2021
Answer ID :
81008
Normally, Bank also consider First holder as the Account holder and took PAN of that person for account. Accordingly, disclosure of Bank Account in the name of First holder would suffice the purpose.
Posted by
SURAJ KUMAR CHOUDHARY on
Mar 25, 2021
Answer ID :
81009
not necessary
Posted by
SURAJ KUMAR CHOUDHARY on
Mar 25, 2021
Answer ID :
81013
Yes, The wife should also disclose all joint accounts in her ITR .
Posted by
CA. SATISH CHAND GARG on
Mar 25, 2021
Answer ID :
81018
yes both should disclose it in their ITR.
Posted by
SHUBHAM SONI on
Mar 27, 2021