Return process
This query is : Resolved
13 July 2012
Dear Sir,
A person is government Retired Employee and he want to file return and he has transferred different Amount to his two unmarried Daughters and wife to what he got from retirement(like leave encashment,pF etc.)So i had filed Return A.Y.2011-12 in that way:
1) first i had checked bank passbook where dif.amount transferred to his daughters and wife and the same amount was invested in construction co. for Investment from their Bank Account and that company pay interest in cash at the end of the year.
So i had considered both unmarried daughters income which was recd from co. as interest Income and Clubbed in Father's Return.is this right?
and From Wife i treated as loan so when wife return the Amount same should be considered income in transferor'sincome so not considered in that year?
am i correct on this?
2) i check and base only Bank Passbook of this person for filing Income.Am i correct
on this?
3) what should i do in this Current A.Y. pls explain about whole mechanism of Clubbing in this case. correct ways of clubbing for this person.
A person is government Retired Employee and he want to file return and he has transferred different Amount to his two unmarried Daughters and wife to what he got from retirement(like leave encashment,pF etc.)So i had filed Return A.Y.2011-12 in that way:
1) first i had checked bank passbook where dif.amount transferred to his daughters and wife and the same amount was invested in construction co. for Investment from their Bank Account and that company pay interest in cash at the end of the year.
So i had considered both unmarried daughters income which was recd from co. as interest Income and Clubbed in Father's Return.is this right?
and From Wife i treated as loan so when wife return the Amount same should be considered income in transferor'sincome so not considered in that year?
am i correct on this?
2) i check and base only Bank Passbook of this person for filing Income.Am i correct
on this?
3) what should i do in this Current A.Y. pls explain about whole mechanism of Clubbing in this case. correct ways of clubbing for this person.
14 July 2012
The amounts transferred to daughters account-
1. Whether the daughters are minor ?
2. Give proper name to transfer -
as a gift or as a loan.
.
Please also rectify/ clarify your statement
as regards -The repayment of loan by wife. In my view loan repayment will not be considered as income in the hands of the husband.
1. Whether the daughters are minor ?
2. Give proper name to transfer -
as a gift or as a loan.
.
Please also rectify/ clarify your statement
as regards -The repayment of loan by wife. In my view loan repayment will not be considered as income in the hands of the husband.
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