Joint Accounts?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
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.
Now the questions are-
(i) Tax liablity/implications on FD.
(ii) Tax implication of joint ownership of house property.
22 July 2011
Hi,
Tax liability will lie on A,The prime account holder.This will not effect tax implication of making it joint.
Tax liability will lie on A,The prime account holder.This will not effect tax implication of making it joint.
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.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- REGARDING GST ON COMMERICIAL PROPERTY
- Is this income indian or foreign income?
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- Event company query
- MIS MATCH OF INVOICE NUMBER
- VERIFICATION OF REFUND RELATED
- GST Regis.
- ITC c/f from FY2022-23 to FY2023-24 entered the same in table 8C of GSTR9 of FY 2022-23, in FY23-24
- Late filling fees Demand by gst office
- IGST Credit-Show cause notice issued-confusion
- Short and Excess provision of expenses
- Issue of gst e invoice
- Interchangeable words in accounts
Trending Online Classes
CAclubindia
