Liability to pay income tax

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  1. AKD

    AKD Member

    1. A person invests some amout of money in a bank fixed deposit(cumulative plan) in a joint account where his wife, who does not work, is the 1st holder and he is the joint holder.
    Who is responsible for paying tax on the interest on maturity where the maturity amount is transferred by the bank to a linked savings account in the same bank in the same manner of holding?
    2. If the interest part of the maturity amount is reinvsted in another bank by cheque in a fixed deposit in the same manner as in (1) above, who will be liable for tax on subsequent maturity?
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