I am planning to put my father's bank funds into debt funds considering the current FD rates. I am doing all direct online purchases.
While creating a folio, I get the option to set it as a single holder or joining holder (anyone of survivor). To avoid any complications, my study shows me it is better to put my name as the second holder into the folio (rather than Nominee).
Please note, its mandate for me to enter my pan as the second holder. Quick question:- Will there be any income tax issues for me? Like, will the profit earned from that fund will be part of my income? (Assuming funds are sold within 3yrs of purchase)
Rest all details (like Bank account etc) are on first name holder and money (between bank and folio) will flow first account holder bank account only. So only my father is getting all benefit. I a m just keeping my name as a place holder.
CAclubindia
