2 Replies to “inherited bank account in India and tax saving related?”

  1. As Nominee : as long as your father is alive you have no rights on that property. After his demise and if there is no will, the property belongs to your father’s male related blood relations.So better to have as joint holder. Even if you have to pay tax, better to do it.So that you can claim rights over it. My piece of advice: In these maters there are so many exceptions.So the best way to go about it is to consult an auditor.

  2. What do you want to happen when your father dies? If you want to get the rights over your father’s bank account, I would suggest you to be a joint account holder.
    If you just want to be a nominee and you also want to have the rights over the bank account after your father’s death, your father will have to prepare a will in your favor. And if there is any disharmony in your father’s family, someone might contest his will. Someone might file a case in a court that this will is fraudulent. In such a situation, you won’t get the money you rightfully deserve until the court gives its verdict in your favor.

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