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Investing from joint savings account

Tax queries 291 views 2 replies

Hi, my parents have a joint savings account where my mom is the 1st person and dad(2nd). In case of mutual fund investments, my dad(senior citizen) wishes to invest from this joint account. So technically the investment would be booked on my dad's pan(1st holder) and mom would be 2nd holder.

Since its a joint account would there be any tax issue later on?

Replies (2)

all tax lialility of first holder 

No issue all the provision will be appljcable to the person on whose pan the investment is made. He has to just prove that the money invested in MF is out of his income.


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