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SuperNuvos (Own)     02 September 2021

Adding a joint owner in a locker

Dear Experts:

  My mother is a sole owner of a locker in a bank. She wants me to be added as a joint owner (2nd holder) of the locker. The intent here is she will continue to operate the locker independently. 

  My question is:

1. If I am added as a joint owner, will it have any tax implications for me?

2. If she adds me as a nominee, will be it better? 

Thanks in advance. Look forward to your reply.



 1 Replies

G.L.N. Prasad (Retired employee.)     03 September 2021

There is not much difference between Joint and nominee. The proper accounting procedure is to have a nomination for immediate settlement in case of the death of the depositor. Unless one knows your INCOME, tax implications can not be guided. Being a joint locker account holder of Nominee is an altogether different issue and not connected with taxes. However if Authorities raids and confiscate the key, the banker is bound to permit for opening of the locker.

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