Hello Sir,
My father has opened a joint account in bank with my sister who is married. Now every year in april my father deposits Rs 40000 in account. And in march month my sister withdarw rs 30000. Now, plzz guide me
1. is that amount rs 30000 will be treated as gift from father to sister in that particular year....or it is an asset of sister "Cash in bank" in her books
2. is the amount withdrawn by sister taxable in her hands in that year.
3. if for 5 years my father deposits rs 40000 every year in joint bank account. and my sister withdraw Rs 100000 from account in the 6th year. is that amount taxable in her hands or it would be regarded as her asset and exempted in her hands.
Waiting for ur reply...
CAclubindia
