New Delhi, Aug. 22 -- Joint accounts are regular bank accounts that are opened by two people jointly who can enjoy equal benefits when it comes to deposits and withdrawals - including income tax return (ITR) benefits.

Joint bank accounts have a primary account holder, and the second person is called a secondary account holder. They are clearly identified in bank documents.

Joint bank accounts have several benefits. This includes buying an asset together such as a house. This means that the deed of the house will have both names, and thus both the account holders can claim tax deductions while filing ITR.

This also means that the taxable interest earned on joint accounts will have implications on the account holders.

The interest earne...