In case of financial assets held in joint name, his / her share shall be in accordance with the investment made by each co-owner. The first holder is treated as the owner of asset, by the financial institution.
In case of immovable assets held in joint mode, share of each co-owner is as per the shares mentioned in the purchase document, if nothing is specified then all the joint holders will have equal share, under revenue law. Joint holders with undefined shares can discharge Income Tax liability as per their share in investment.
Joint holding in Immovable property cannot be on E or S (Either or Survivor) basis.
On death of one of the joint holders, immovable property does not get transferred automatically. It has to undergo process of transfer by Will / succession in respect of his / her name.
