Hi, This is regarding a joint account that I am holding with my Father as first account holder. My Father was paying income tax for the money in the account till he was alive.
As my father has expired, the money in the account is now in my name as the sole account holder. In that case, does the entire amount in the account get added to my income for the year and will be considered for my Income Tax calculation for the Financial Year?
Or I need to pay tax on only the Interest Income for the Financial Year only?
Regards
CAclubindia
