I m one of the three administrators cum legal heir in the two Joint Accounts with BoI.
One for Savings Account and otherone for Demat Account. I m not the first holder in the accounts.
Is it possible to change my status from 2nd to 1st Holder in these accounts.
Assuming if it's possible what are the taxation liability of 1st Holder once all moneys and shares are distributed to the legal heirs as per family agreement.
Thanks.
Savings Account: Interest earned on the account will be taxable in your hands as the 1st holder. -
Demat Account: Capital gains tax will apply when shares are sold or transferred. .
You may need to report the income or gains in your individual tax return.
Additionally, consider the following: -
Obtain a No Objection Certificate (NOC) from the other account holders or legal heirs. -
Update the account documents and KYC information with the bank. -
Review and settle any outstanding taxes or liabilities before distributing the assets.
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