22 July 2011
A is husband, B is wife. A & B has joint saving a/cs in Bank. A sells house in his own name only, and deposits money in bank deposits. Now A, purchases another house in the name of A & B jointly,with some of the money, rest made FD in A&B's name jointly.
Now the questions are- (i) Tax liablity/implications on FD. (ii) Tax implication of joint ownership of house property.
22 July 2011
Since the house was owned by Mr. A and also sold by Mr. A it is A who is liable to pay the taxes and the Interest on FD is also taxable in the hands of A.
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