Respected Learned Members of the CAClubIndia Community,
Namaskar,
A Hindu Housewife came up with a query. Brief background is as follows -
1. She is 65 years old senior citizen.
2. She is wife of a pensioner and gets money for domestic expenses from her husband.
3. Every month, she saves some amount from domestic expenses in cash.
Query -
1. If housewife saves, say Rs. 5000 to 10000 per month in cash, can she deposit this cash in her Savings A/c?
2. Does she have to show the amount in any head?
3. As this Rs. 60,000 to 1,20,000 total annual amount is neither income, nor loan, nor gift, is there any tax implication/liability?
4. Does she have to file ITR for this saving?
This seems to be a common query of many Indian Hindu families. Any guidance and comments by the Learned Members are highly appreciated. Thanks.
CAclubindia
