Joint Savings / Term Deposit accounts is a common thing.
Banks have various ways in which they settle the accounts. From the IT angle, how the credits in savings account or maturity proceeds are bifurcated. The question arises as the cheques favouring all the joint holders are collected by banks in the same account. In such a case how the ownership of funds is reported for the IT purposes.
Does the receipt of maturity proceeds of the Term deposit by surviving member make him the owner of the funds or he is regarded as Trustee till the legal heirs of the deceased holder claim the share of the deceased from him/her?
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