Stock Markets Exposed
What is the impact of joint holdings of Fixed deposits and Bank accounts etc?
My wife's name was added as a joint holder of the bank account of my son when he went abroad for further studies to facilitate giving instructions to the bank. My son had earned income from Employee stock options and invested them in mutual funds instruments connected with this account. To finance his studies he slowly liquidated these funds. All transactions have taken place through the bank account. By virtue of being a joint account holder is my wife also liable for any taxes on the gains from these mutual fund instruments?
Public Comments
- I don't think so, because as you said, your wife became joint "to facilitate giving instructions to the bank". But to be sure, go to the bank and ask. But I feel, that because she was joint as a security at first, you are not liable for any taxes.
