Whether ITR required to filed.

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This query is : Resolved

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This discussion addresses whether a housewife with no income needs to file an Income Tax Return (ITR) if her husband transfers his retirement funds into her account. The consensus is that if the money was a genuine gift, the income generated from it would be taxable in the wife's hands, potentially requiring her to file. However, if the funds were merely transferred for investment purposes and she is a joint holder or the funds are used in her name, the income might be clubbed with the husband's income, and she may not need to file a return herself, though the husband would need to declare it.

Ashim kr Ray

Ashim kr Ray (Querist)
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06 June 2020 Sir,
A person directly transfer all his retirement money to his wife account ,whereas his wife is housewife with no income, get a notice from IT to file return.

So whether she required to filed the return ,as the money belong to his husband retirement money.
Please suggest.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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06 June 2020 Husband has to file the return clubbing wife's income. Wife no need to file return reply to the notice.

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Murtaza I Bhagat

Murtaza I Bhagat (Expert)
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07 June 2020 If money transferred was used in any investment or anything else by name of wife then I think they are 2 conditions applicable 1. if money was given as gift to wife so then income will be in the hands of wife and need to file return by her 2. if it is just account transferred (then investment) with joint holder (1st wife 2nd husband) or withstanding anything then it will be clubbing as @CA R SEETHARAMAN Sir said.

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