Income tax liability
This query is : Resolved
24 August 2019
Dear Sir,
I have question regarding Income tax, One of my client (Nilesh) inform me that he has one joint account with their another two friends. for example, Joint account consist of Amit, Suresh and Nilesh. My client inform me that all the payment deposited in Joint account was in the name of Amit and suresh. There is no direct involvement of my client. He inform me during the F.Y 2018-19, The total receipt was 480000/- ( In the name of Amit-240000/- and suresh 240000/- against salary received from any other private limited company.) My client inform me that he has withdrawal authority provided by bank and he has withdraw Rs. 480000/- during the F.Y 2018-19 which is not belong to him. My client has a pan no. and other two member not have a pan number. So my question is that who will be liable to pay income tax on the income of Rs. 480000/- which is not belong to him but he only withdraw and utilized it. Whether it is compulsory to show income by amit & suresh by his friend but they have not pan number. So my question is that whole income of Rs. 480000/- which is not belong to my client , it is compulsory to show income by my client and pay income on that amount. So please advise me.
Thanks & Regards
Vicky Narad
9271388736
I have question regarding Income tax, One of my client (Nilesh) inform me that he has one joint account with their another two friends. for example, Joint account consist of Amit, Suresh and Nilesh. My client inform me that all the payment deposited in Joint account was in the name of Amit and suresh. There is no direct involvement of my client. He inform me during the F.Y 2018-19, The total receipt was 480000/- ( In the name of Amit-240000/- and suresh 240000/- against salary received from any other private limited company.) My client inform me that he has withdrawal authority provided by bank and he has withdraw Rs. 480000/- during the F.Y 2018-19 which is not belong to him. My client has a pan no. and other two member not have a pan number. So my question is that who will be liable to pay income tax on the income of Rs. 480000/- which is not belong to him but he only withdraw and utilized it. Whether it is compulsory to show income by amit & suresh by his friend but they have not pan number. So my question is that whole income of Rs. 480000/- which is not belong to my client , it is compulsory to show income by my client and pay income on that amount. So please advise me.
Thanks & Regards
Vicky Narad
9271388736
24 August 2019
Yes it is compulsory to show income by your client and pay income on that amount as it will fall under gift exceeding 50,000 taxable.
24 August 2019
Thank You Sir,
But if total amount withdraw by my client given to their friends not used by my client. In that situation, what would be you answer?
But if total amount withdraw by my client given to their friends not used by my client. In that situation, what would be you answer?
24 August 2019
In that situation not taxable
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