Both are can file it returns
This query is : Resolved
YELLANKI RATHNAGIRI
(Querist)
17 August 2012
Dear all,
my Clint has one net centre, he is getting taxable profit from that, now he is completely in civil works and real estate works, net centre maintenance taken by his wife
my bout is
now both are can file IT Returns
or
net centre income should be clubbed in his income
my Clint has one net centre, he is getting taxable profit from that, now he is completely in civil works and real estate works, net centre maintenance taken by his wife
my bout is
now both are can file IT Returns
or
net centre income should be clubbed in his income
18 August 2012
Husband & Wife are two different assesee hence they have to file their IT return separately.
YELLANKI RATHNAGIRI
(Querist)
18 August 2012
Dear ACA Guru,
my doubt is
in this case wife did not invest any amount and she has taken only maintenance then how can she file the IT Return
my doubt is
in this case wife did not invest any amount and she has taken only maintenance then how can she file the IT Return
18 August 2012
She can charge consulting fee for maintenance of centre.
It will be allowed as expenses in the hands of Husband.
And that Consulting fee will be income to wife.
It will be allowed as expenses in the hands of Husband.
And that Consulting fee will be income to wife.
18 August 2012
Just because she has not invested anything, not required to file return does hold good.
There are other way also, as whatever invested by Husband can be treated as loan.
But before treating it as loan, exact details to be checked.
In second option whole income of the centre will be taxed in wife hands.
There are other way also, as whatever invested by Husband can be treated as loan.
But before treating it as loan, exact details to be checked.
In second option whole income of the centre will be taxed in wife hands.
K Srinivas, CMA CS
(Expert)
18 August 2012
Agree with ACA Guru M.
I'd like to add one more point. If the assessee chooses the second option of treating husband's investment in net centre as a loan, she can also claim interest on such loan against the net centre's income.
Of course, they need to document the loan and should charge a reasonable interest
I'd like to add one more point. If the assessee chooses the second option of treating husband's investment in net centre as a loan, she can also claim interest on such loan against the net centre's income.
Of course, they need to document the loan and should charge a reasonable interest
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