Saving bank interest

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

29 June 2017 if the bank account was opened in name of child as primary and parents as joint holders, and the money in it is from parents.....now the child is adult and earning ,so while assessing income can the interest from that bank be shown as income for one of the parents or will it be income for the child. what is the best way to approach this? close the account or remove the child as primary account holder?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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29 June 2017 Interest up to the date the child became major has to be clubbed with the parent who has more income and the rest to consider in the name of the child.