Tax treatment of a joint savings account
This query is : Resolved
Manish Rathod
(Querist)
03 November 2011
I have a savings account with my parents as 2nd and 3rd holders. Will the interest earned from this account be taxable income for all holders equally or only for me i.e 1st holder?
03 November 2011
The answer depends on the money that has been into saving account. If the money belongs to you, than it should be taxable to you. If the money is collected by all & than a saving bank account is open, take the interest proportionately.........
U S Sharma
(Expert)
03 November 2011
unless specific percentage is mentioned as mandate to the bank, all interest and amount belong to the 1st account holder,and balance all holders are just co-holders.
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