I have a savings account with HDFC Bank with auto sweep facility. I want to add my wife to this account. Will there be any impact on income tax liability on me? Will she get a separate cheque book and ATM cum debit card?
Your taxation liability will remain same, i.e. you will continue to be liable to pay tax on the interest income from this account. By converting the account to joint account, she will not get a separate cheque book however she will get a new ATM cum debit card on her name.