Joint Accounts?
This query is : Resolved
Querist : Anonymous
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.
Now the questions are-
(i) Tax liablity/implications on FD.
(ii) Tax implication of joint ownership of house property.
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.
Tax liability will lie on A,The prime account holder.This will not effect tax implication of making it joint.
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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