Keeping Bank account operational

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If you're a joint account holder after the primary account holder's passing, you can generally keep the account operational. However, the bank might require you to remove the deceased's name by submitting a death certificate. Once updated, you can use it as your own and must declare any interest income and all transactions on your income tax return.

DIVYESH JAIN

DIVYESH JAIN (Querist)

30 September 2021 Dear Sir,

My father expired 2 years back and he was having a bank account in which I am the joint holder in the account.

Can I keep this account operational and show it as my account under Income tax while filing return. I am the second holder in the account.

Regards,
Divyesh Jain

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2021 You may keep the account, but bank may not allow. You have to first apply for deletion of your father's name from the account, by submitting your father's death certificate. If bank obliges, it will be totally your account !!

DIVYESH JAIN

DIVYESH JAIN (Querist)

30 September 2021 Ok, Thanks for your reply but can I show this account as mine while filing Income tax return being a second holder.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

30 September 2021 Yes. At the same time declare interest income of the account in your assessment. You are also responsible to declare all the transactions of the account in your IT file.

DIVYESH JAIN

DIVYESH JAIN (Querist)

30 September 2021 Yes, apart from interest income there is no transaction now. Thanks.

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