If Joint account is opened by son and sr. citizen father and son transfer 1 lac amount to joint account as a gift to his father and book the fixed deposit via same joint account.
How the tax would be calculated?
Who need to pay the tax , son or father?
How to show that amount transferred is gift?
May I know who is the primary (first) account holder?
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Father is Primary account holder
Hi..Banks generally issue TDS certificate (if any) in the name of Primary account holder, unless you submit a special request to them. So, the tax liability will be with your father.
If you are gifting this amount then you can show it in your Income Tax Return under ‘Exempted income’ section.