Loan in wife's name & income on my pan

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Guest

Guest (Querist)

20 September 2013 Dear All,

In case of an assessee,the vehicle loan is taken in name of his wife whereas the contract charges received on running the vehicle is recorded under his PAN.

How to show this in income tax return?

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 September 2013 one way is to pay interest to your wife. That way expense can be covered in ur books.

Guest

Guest (Querist)

20 September 2013 The bank a/c is is name of my wife,PAN quoted is mine.loan repayment from wife's bank a/c and the ceque for income deposited in the banl a/c of wife.

Too confused!

Nikhil Kaushik

Nikhil Kaushik (Expert)
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20 September 2013 get the PAN number changed in wife's bank account.

After that deposit amount equivalent to EMI in her account every month.

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