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Clubbing of income

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Querist : Anonymous

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Querist : Anonymous (Querist)
08 December 2013 In F.Y.2013, I had given Amt. of rs.10 lakhs to my wife to apply in public issues, but due to the lack of opportunity & knowledge she did not do it & returned the amount back to me before the year ended. All transactions were done by a/c payee cheque. Interest was generated in my wife's name. She is just a housewife & does not have any income. Now I have shown that interest income under my income list. I have not hidden anything. But i have not done any bifurcation that this is my wife's income & this is my income. Is it ok. The full interest income received is added to my income. Plz. advice. Thanks.
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Manish Bhandari

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Manish Bhandari (Expert)
08 December 2013 As far disclosure of income is concerned you have complied the same. For bifurcation you not worry just for your records prepare & keep if required to be submitted in future.
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
08 December 2013 No issues at all. No need to worry or do anything. Return will get processed.
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