The taxability in case of Joint (Either or Survivor) Demat / Saving Account?

Kindly confirm whether the first applicant shall only be taxed, for Income Tax, in case of having joint (Either or survivor) Demat / Saving Account, if he/she opts for, or both of the account holders shall be accountable for paying income tax. The first applicant at present is non tax payer and the second applicant is regular tax payer. Please send your valuable comments / suggestions.

The first holder can say and claim it is my account and the other joint holder is added only for easy operation of account. Normally for the purpose of Tax purpose, the first holder will be taken as the holder.

In case of Demat account there is no either or survivor account account. There is only joint account. Still the first holder can say it is my account. But he should have sufficient Prof to claim that the investment is made from his sources.

If the holdings in Demat account is not much then it is ok. If the holdings in Demat account are more and the funds in S.B A/c are more, then you should have proper answer if the IT people questions the same.

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