sir, i am a 51 year old sole properitore who earns vis broking . I recently got a long debted gold from one of our relatives in cash of 20 lac. Now i have this one question reagrding disclosing it in my wifes's name.
My wofe has never paid any tax,since she is a housewife. But , Since her income is below 1 lac per annum..... Now supposedly if i declare that , after 20 years , my wifes totral saving is 20 lacs, (1 lac p.a x 20 years ) ....is this methode possible or will she be obliged for any penality ? She has no pan or any IT returns in her name till date.
CAclubindia
