Money given by wife's brother to her
This query is : Resolved
25 October 2013
Hi,
My brother-in-law staying in US, transferred Rs. 10 Lakhs in my wife account, as we needed to show the balance for immigration purpose. The agent had asked us to keep the money in account till immigration file starts processing. As it would take about a year or so, we created FD. Have filled form 15G as my wife do not have other income.
Kindly suggest, whether we need to file the return as interest income would be about Rs. 1 Lakh. And can source of fund be questioned.
Thanks,
Amar Gandhi
My brother-in-law staying in US, transferred Rs. 10 Lakhs in my wife account, as we needed to show the balance for immigration purpose. The agent had asked us to keep the money in account till immigration file starts processing. As it would take about a year or so, we created FD. Have filled form 15G as my wife do not have other income.
Kindly suggest, whether we need to file the return as interest income would be about Rs. 1 Lakh. And can source of fund be questioned.
Thanks,
Amar Gandhi
25 October 2013
as long as your income is less than Rs 2 lakhs, no need to file the return.
However, it is possible that Income tax department may question the source of the funds. Given that your wife received this money from her brother, the said explanation can be given.
However, it is possible that Income tax department may question the source of the funds. Given that your wife received this money from her brother, the said explanation can be given.
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