Recently when I checked the AIS and it display SFT-005 transaction. This question is related to that.
I have a joint account with my mother in a Bank A since last couple of years. I am first account holder
and my mother is second account holder for that joint account. From my salary I used to transfer
to this bank and create FD with some FD with my mother as First name and some FD I am the first
account holder. Those FDs are small amount and made in last couple of years.
Last year I and my mother decided to close some of the FDs and create new ones with merged amount from FDs and some money from saving account, so it is easy to manage.
During closing of FDs
1. This FDs amount transferred to saving account (where I am primary holder and mother is secondary holder and my mother does not have any saving account as main in this bank A)
2. From this Saving account, some new FD created with name of my mother as first account holder
and for some I am main account holder.
3. Me and my mother both are filing ITR, and we are mentioning Income from other source for interest
received from FD.
Now when I checked the AIS statement Gross Amount received from person and Gross amount pay to person
only display in my AIS statement even if some FDs are created in name of my mother as main.
Is this correct?
CAclubindia
