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Joint Accounts?

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Querist : Anonymous

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Querist : Anonymous (Querist)
22 July 2011 A is husband, B is wife. A & B has joint saving a/cs in Bank. A sells house in his own name only, and deposits money in bank deposits. Now A, purchases another house in the name of A & B jointly,with some of the money, rest made FD in A&B's name jointly.

Now the questions are-
(i) Tax liablity/implications on FD.
(ii) Tax implication of joint ownership of house property.
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O.D.SHARMA

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O.D.SHARMA (Expert)
22 July 2011 Hi,
Tax liability will lie on A,The prime account holder.This will not effect tax implication of making it joint.
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C A S.S.Agarwal, M.Com.,LL.B,

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C A S.S.Agarwal, M.Com.,LL.B, (Expert)
22 July 2011 Since the house was owned by Mr. A and also sold by Mr. A it is A who is liable to pay the taxes and the Interest on FD is also taxable in the hands of A.
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