Respected Learned Members of the CAClubIndia Community,
Namaskar,
With the implementation of new rules for Saving Accounts, many dependant housewives seem to be troubled with a dilemma related to their savings. For example, suppose this scenario -
1. A housewife is 65 years old senior citizen.
2. She is wife of a pensioner and has been getting money from her husband for domestic expenses.
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. 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?
3. Can she deposit this amount in FD to earn some interest?
4. Does she have to file ITR for this saving and interest income? If so, then in which head does she have to show the amount?
5. In your professional opinion what can be the proper way for a housewife to deposit her savings?
This seems to be a common dilemma of many Indian Dependant Housewives. Any guidance and comments by the Learned Members are highly appreciated. Thanks.
CAclubindia
