I AM RETIRED PERSON AND RECEIVED RS 50 LACS.
I WANT TO TAKE THE FIX DEPOSITE, MUTUAL FUND , PENSION PLAN ON MY WIFE'S NAME.
MY WIFE PRESENT INCOME IS NIL, BUT HAVE THE PAN CARD AND AS INCOME IS NIL NO RETURN IS FILE TILL DATE.
FOR GETTING REGULAR MONTHLY INCOME AND OTHER LONG TERM MONEY REQUIREMENTS , CAN I INVEST MY RETIREMENT RECEIVED FUND IN NAME OF MY WIFE BY ISSUING DIRECT CHEQUES FROM MY ACCOUNT FOR FIX DEPOSITE, MUTUAL FUNDS, TAX SAVINING SCHEME OR PENSION PLAN ON WIFE'S NAME ?
WILL THESE ISSUED CHEQUE FROM MY ACCOUNT FOR ABOVE INVESTMENTS CATEGORIES LIKE FIX DEPOSIT ETC ON NAME OF MY WIFE WILL ATTRACT ANY TAX ON THESE IISSUED CHEQUE AS HER INCOME? CAN THESE BE CONSIDERED AS TAX PLANNING SO THAT WE NEED NOT PAY ANY TAX.
REQUEST EXPERT TO GUIDE IN THIS ASPECTS.
DILIP
CAclubindia
