Tax Effect of Receipt in joint bank account

temple remotes service

Thank you sir for the reply but will you please Elaborate in detail that whether receipt from contribution will have any impact in the income of the joint holder of the account?

Yes, it will impact the tax liability of the account holders, as the same (the account) will be required to be declared in ITR. Better to form AOP.

no such taxability

The amount is may not be treated tax free and likely to be added in the account holder's income.

Thank you all for the reply, if it is taxable and if we go for AOP, in future will it require any annual compulsory compliance (like audit or filing ITR etc. )? because contribution for construction of temple will be received & used for it and in future no major transactions are supposed to happen and there is no activity which results into income.. If any other solution is possible then please guide...