My grand father is 85 years old . On my birthday he wants to gift me his bank account , means he will open an account in his name and will allow me deposit my savings and will appoint me as nominee so that i will get more interest . Can i do that ? Is this possible ? Will Interest generated through this process clubbed with whose income ?
3 Replies
ashita
(Articled Assistant)
(22 Points)
Replied 04 July 2016
Hello All.,
I am filing ITR5 i am getting runtime and automation error -2146332576 (80131700). Please try to solve my problem
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 10 July 2016
you are not joint account holder
income generated by this account will include in income of account holder only
Dinesh Mertiya
(PROFESSIONAL)
(761 Points)
Replied 10 July 2016
you should open separate bank account so that income generated due to your savings can be identified
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