When a father deposits cash in a bank account held jointly with his daughter,a gift is made when the daughter withdraws it.

Question

Quizplus · Accepted Answer

The deposit made by the father into the joint bank account is considered as a gift to his daughter. When the daughter withdraws the money, it is treated as if the father has gifted her the money, even if he did not intend it as a gift. Therefore, a gift is made when the daughter withdraws the money from the joint account.

When a Father Deposits Cash in a Bank Account Held