I want to know, can i withdraw from paypal to a Joint ICICI Bank Account hold by me and my father ...Is there any existing issues that may cause problem?
Yes you can withdraw funds to that joint bank account. Only condition is your name in bank account and in paypal both needs to be exact. DON.
There is no problem in withdrawing to a joint bank account... but you or your dad would have problem while filing an I.T return and you would have hard time explaining whose income it really is! Regards, RightMan
He is retired Govt servant...and me a student...so if i receive funds through paypal we have to show it in I.T returns?....the sum is less than 20k though
All revenues have to be reflected in an I.T return... whatever be the amount, since your final tax liability if at all, is derived from the sum total of all such revenues in one financial year. Regards, RightMan
But then what about income from paypal which reflects in your bank account holding by you and your dad too ?? DON.
Be careful of where you withdraw your money. IT people could easily club this paypal income with your Dad's salary and make him pay tax on it! Regards, RightMan
Ofcourse you can , even i do the same.. My name is as 3rd a/c holder , it doesn't matter.. for the tax thing , dont wrry , he can show a debit trasaction to u while filling returns , so he wont pay any tax on it.