Nominee and tax relief

Querist : Anonymous (Querist) 15 November 2011 This query is : Resolved
I live in India.I am the only child to my parents and my mother is no more. My father wants to add my name as joint holder in all his bank accounts.Is it better to add my name as joint holder or nominee... which is easy to carry out bank operations after my father's demise?? Among the two which is better for tax saving ?? I think inherited property (here bank account )does not require to pay any tax. So, in that case giving my name as nominee is better to avoid tax...isn't it? Help is appreciated. Thanks.

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Sankaranarayanan (Expert) 15 November 2011
yes you can accept your father's suggestion, if your father life , you inform to the banker and make it to your single name account,
You asked about the tax matter, if your amount of income is under the exemption limit then no question, if beyond the limit of income tax slab then you need to pay the tax, better to consult with your auditor if any for that.

ajay sethi (Expert) 15 November 2011
if you father wants to add you as joint holder do agree .

easier way to carry out operations is open a joint account . mode of operation either or survivor .

on death of your father on production of death certificate bank will delete your father name .

since your father name is first he will be entitled to tax benefits on interest earned on savings/ fixed deposits account.

if you so desire you can be a nominee as you are the only legal heir

Rajeev Kumar (Expert) 15 November 2011
I agree with experts

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