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Doubt about income chargability
One grand mother & His Grand son opened a joint account in bank . bank credit the interest amout to there account . grand son is living with his Mother & father .can any one suggest me about the income chargability
Replies (2)
Apparently Income is Taxable in the hands of Grand Mother. It is also to be checked that son has also deposited moeny in the bank (through his guardian). If amount deposited belongs to him (gifted or otherwise) then income will chargeabele in hands of his mother/father.
I am agree with Mr. Saket
If grandson is not a minor,
then interest income should be included in first account holder
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