Hi,
I am salaried and my dad has a business income. We both file the income tax return. We had 2 joint savings bank account one I as a primary holder with my dad as a secondary holder and in second account my dad as a primary account holder and I the second holder. Both me and my dad are the earning member but we are below taxable limit and we deposit our money accordingly in this savings account around Rs 10,000 to 15,000 p.m each which is around 60% of our income i.e. I deposit my income wherein I am the first holder and my dad deposit his income where he is the first holder. This deposit are done for investment in mutual funds and these investments are too in the same pattern i.e. we had some folios wherein I am the first holder and my dad as the second holder and my dad investments are under the name of my dad as the first holder and I as the second holder.
My question is whether it is correct to continue both the above account from taxation point of view would there be any conflict or hardship to proof source of income at a later stage when we sale our investment would this lead to clubbing of income to any one of us.
CAclubindia
