Tax treatment of a joint savings account
This query is : Resolved
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.........
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Tax on Deemed Capital Gain
- Type of Capital Gain
- Exiting partner in partnership firm in gst portal
- Banking Related Issue
- ITR-3 File/Error Found
- TDS offline utility
- Due Date Clarity
- Gst on travel by air for business purposes
- Can a single LLP in India legally operate multiple unrelated businesses (Travel, Cloud Kitchen, Ecom
- Error in uploading Form 10BD
- CASH GIFT FROM BLOOD RELATIVE
- Account freezed for Ineligible ITC Scrutiny for GST Annual Return
- Rent claimed on building given on permissive possession basis
- TDS on property - Form 141 query
- Seeking Advice: High Tax Shortfall on Job Switch + Let-Out House Property Loss in FY 2025-26
- Housing Society-ITR5
- TDS on Rent received on redevelopment of building
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- Upload Level ValidationITR3Category of Defect B/D
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
