How to save tax burden on joint fixed deposit accounts

[Sameer Kapoor]

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?

[samkapoor77]

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.

[Author]

Posts