Need A Financial Product Forums Loans How to save tax burden on joint fixed deposit accounts

This topic contains 0 replies, has 1 voice, and was last updated by  Abhimanyu 2 years, 1 month ago.

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  • #48008

    Abhimanyu
    Member

    I have joint savings bank account in Canara Bank with my wife. I am in service and my wife is housewife. Fixed deposits are linked to savings account. If I open fixed deposit on my wife’s name and keep my name as secondary, will I be able to save tax on it? Is it necessary to swap positions in savings account as well so that the interest earnings are shown on my wife’s name?

    #48009

    Nina Thakkar
    Member

    Whatever interest you earn on a joint fixed deposit account is clubbed to both the joint holders. Therefore, you cannot escape the tax burden on them.

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