Hi all
I have this query. I am NRI and planning to settle down in India in mid April. Is it possible to split my deposits into my wife's name and my name so that clubbing provisions wont be attracted? My wife was employed in the gulf so she had her own source of income. Will this arrangement escape Sec 64 clubbing provisions.
any advice will be highly useful to me.
Thanks
vish
Dear Vish,
Yes since ur wife had her own source of income so amount she will bring to India will not be clubbed with u/s 64........
U have have to open 2 different Bank a/c to deposit the total money, one is in ur name & the other is in ur wife's name..............
If u have any documentary evidence of ur wife's income then preserve it cos in case any query comes tthen u would be in a position to explain............
Dear Vish,
Mr.Amir brother is right....
Your wife has own source of income - Amount she brings to India will not be clubbed with your income u/s 64........
As Amir bhai said you open 2 diff. Bank a/c and deposit the moeny or amount......
But be sure to prove the dept. that she has enough income to deposit in the bank a/c...
Thanks Amir and Balaji.
So any income generated after we come back in April on my wife's deposits and my deposits will not be clubbed right? If it is so its great news for me.
Thanks once again.
CAclubindia
