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Bank account-joint account holder

neha (Others) (420 Points)

29 June 2017

in bank account instead of primary account holder, can the joint account holder declare the income from bank interest as their income?

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8 Replies

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 June 2017

If any tax liability is detected to be deferred, it gets disallowed.

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neha (Others) (420 Points)
Replied 29 June 2017

meaning?

neha (Others) (420 Points)
Replied 29 June 2017

the account is in dormant state for some years now...so what do u suggets the best approach? close the account?

Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 June 2017

If not required, better close it. If any joint holder do not have own account better open new account with its Prime holdership......

neha (Others) (420 Points)
Replied 29 June 2017

ok...the account has i think abt 4lakhs so if i close it they will give me cheque right...which if i deposit in another account of mom wont it raise another flag since i think heavy transactions raise an alert or something?

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Dhirajlal Rambhia (SEO Sai Gr. Hosp.) (177741 Points)
Replied 29 June 2017

Closure cheque will be issued in favour of any present account holder/s.

When it is deposited in new account of the same person (any of earlier holder), no problem would arise. No flag because its cheque transfer. As there is no tax liability over own capital transfer, no query.. No alert....... nothing......