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Can I Open a Joint Demat Account With My Son?

Ramalingam

Ramalingam Kalirajan  |8462 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Sep 11, 2024

Ramalingam Kalirajan has over 23 years of experience in mutual funds and financial planning.
He has an MBA in finance from the University of Madras and is a certified financial planner.
He is the director and chief financial planner at Holistic Investment, a Chennai-based firm that offers financial planning and wealth management advice.... more
Hanumantharao Question by Hanumantharao on Sep 10, 2024Hindi
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Money

I have demat account in my name. Is it possible to make joint account with my son?

Ans: You cannot add a second holder to an existing demat account. Regulatory guidelines do not allow converting a single-holder demat account into a joint account.

However, you can open a new joint demat account with your son as a co-holder. A joint demat account allows multiple holders and can be an ideal option for family members wanting to invest together.

Options for Joint Investment
Opening a New Joint Demat Account:
You can open a new demat account where both you and your son will be joint holders.

Both holders can access and manage the account.
This is useful if you want to manage investments together.
Existing Account:
Since your current demat account is in your name only, you can:

Keep using it for your investments.
Add your son as a nominee to this account.
Alternatively, you can give your son Power of Attorney (POA) to manage the account on your behalf.

Joint demat accounts can be opened with two or more holders, but you cannot convert an existing single-holder account.
Opening a new joint account with your son is the best solution for combined investments.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
Asked on - Sep 13, 2024 | Answered on Sep 14, 2024
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Thank you...
Ans: You're welcome! If you have any more questions or need further assistance, feel free to ask. Best wishes on your financial journey!

Best Regards,

K. Ramalingam, MBA, CFP,

Chief Financial Planner,

www.holisticinvestment.in
Asked on - Sep 26, 2024 | Answered on Sep 27, 2024
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One question I put not answered but deleted from questions. Why?
Ans: It seems there might have been a small technical glitch. As a Rediff Guru, I answer the questions that get allotted to me.

Best Regards,
K. Ramalingam, MBA, CFP,
Chief Financial Planner,
www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
Asked on - Nov 20, 2024 | Answered on Nov 21, 2024
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Is it possible to transfer my demat account shares to my son's demat account? If so any tax implications?
Ans: Yes, you can transfer shares from your demat account to your son's demat account via off-market transfer. As this is considered a gift, there are no tax implications for you. However, if your son sells these shares, he will incur capital gains tax based on your original purchase price and holding period. Ensure to document the gift properly to avoid disputes or tax queries. It's advisable to consult a tax expert or Certified Financial Planner for precise guidance.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in
https://www.youtube.com/@HolisticInvestment
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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