Dear Sir/Madam
I am having a Joint account with my mother in Kotak Mahindra Bank with me as the primary/first holder. My mother is a family pensioner. She receive pension in SBI account which i transfer to Kotak account so that higher savings interest can be earned ( @ 6%) .Interest earned during F.Y. 2017-18 is Rs.40,282.00. Will this saving interest be taxable in the hands of my mother OR me as the primary holder?
Also, the account also give the facility of DEMAT Account(3-in-1 Trinity Account) and i am holding securities of Rs. 2 lacs where i am the primary holder of the account. What will be the tax liability in this case ?Will i have to file return since i am the primary holder? P.S. I have no source of income.
Please guide me
As 3 in 1 account is linked with savings account and you being Primary holder of the accounts... all the income or gains generated or received in these accounts would be assessed in your hand.
CAclubindia
