If i hav a joint account as second holder and in the event of first holder's demise, will the money become taxable on my head

Ans: If a person dies, the legal heir has to file tax returns on behalf of the deceased, to report the income earned by the deceased until the date of his death, and taxes deducted thereon. Legal heir needs to register oneself on the income tax website for filing the return on behalf of deceased. This is mandatory for e-filing of return on behalf of the deceased person.

The PAN of both the deceased person and legal heir should be registered in the e-filing portal. However, if the deceased person’s PAN is not registered, then the legal heir can register on behalf of the deceased.

Once the request for registration as legal heir is approved, then the person can file return as legal heir on behalf of deceased.

Any income earned after the date of death from the assets inherited from the deceased is taxable in the hands of the legal heir. This would mean that in the year that the person died, the income for the year would need to be segregated between the return of the deceased and the legal heir.

Legal heir should include this income inherited from the deceased in her/his own income while filing own income tax return

Ans: Amount received under will is not an Income for tax purpose. For other assistance, please contact bank.

Ans: I understand this situation can be confusing, especially during a medical emergency. Here's how the tax on the withdrawn amount likely works:

Tax Liability: The tax responsibility generally falls on the account holder where the money is credited. In this case, since the RD proceeds are in the joint account with you as primary, the tax liability would be yours.

Wife's Income Proof: However, you can potentially minimize the tax burden by claiming it as your wife's income. To do this, you'll need documentation to prove the RD deposit originated from her income. This could include receipts or bank statements showing her salary deposits used for the RD.

Filing Separate Returns: If the RD amount is substantial and pushes you into a higher tax bracket, consider filing separate tax returns. This might be beneficial if your wife's income falls under a lower tax bracket.

Here's what you can do:

Gather Documents: Collect documents proving the RD deposit came from your wife's income (salary slips, bank statements).

Consult a CA: A Chartered Accountant (CA) can analyze your specific situation and advise on the most tax-efficient way to handle this. They can guide you on filing taxes considering your joint account and your wife's income proof.

Remember, this is a general explanation, and tax laws can get nuanced. Consulting a CA ensures you get the most accurate advice for your situation.

Ans: The income on such fund will be taxable in your hands. The bequeath will not be taxable.

Please take your CAs advice before moving ahead.