Issue with this practice?
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
02 February 2012
A person is senior citizen who is retire and doesn't own any personal income presently.
A family member deposits 3.5 lakh rupee cash in this senior citizen account at various interval in a year as salary from tution.
Also that person deposits 1 lakh rupee cash into ppf on that senior citizen account.
The person files the return stating salary 3.5 lakh and deduction of 1 lakh on it.So nil return filed.
Will such practice cause any issue in future?
A family member deposits 3.5 lakh rupee cash in this senior citizen account at various interval in a year as salary from tution.
Also that person deposits 1 lakh rupee cash into ppf on that senior citizen account.
The person files the return stating salary 3.5 lakh and deduction of 1 lakh on it.So nil return filed.
Will such practice cause any issue in future?
03 February 2012
You have to prove the senior citizen has the knowledge and capacity to work as tution master or etc... if fails it would be treated as diversion of funds and the entire amount included in the heads of the member of the family who is paying it.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
Querist : Anonymous
Querist :
Anonymous
(Querist)
03 February 2012
Thanks and what about amount diverted to ppf and deduction got over it.
05 February 2012
If any such case deduction of PPF also inadmissiable.
OM SAI SRI SAI JAI JAI SAI
OM SAI SRI SAI JAI JAI SAI
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