I am 81 years old and have deposited Rs 15 lakh in post office senior citizen saving scheme (SCSS) jointly with spouse. Now, I want to deposit the same amount in my wife’s name and mine, as second holder. Please advise me on this.—Radheshyam ChowdhryThe second holder in a SCSS account (a/c) can only be the spouse, and the eligibility or any other condition is not applicable to the second holder (Rule 3(3) of the SCSS Rules 2004). The spouse can separately open her own SCSS a/c if she is otherwise eligible. If the money deposited in your spouse’s a/c belongs to you, the interest on such SCSS a/c will be taxable under the clubbing provisions.
Source: dna December 07, 2017 01:12 UTC