My Friend have below situation
My friend’s wife is housewife and she got Gift from her father of 150000 in 2006 by A/C pay check on her name. This amount was deposited to bank as FD in joint account with husband. Till now, income from FD is clubbed with husband and income tax is paid.
Now, she want to start business and file income tax return separately. How can she show Gift money to file return?
Gift received in this case is non-taxable in the hands of the wife.
Thanks. But since this is old entry in bank account (2006) but now she want to file return in 2013. How to show entry and take money from joint account to individual account?
simply withdraw the money and use it as they want, nothing will happen regarding income tax dept. is concerned
In case AO come up then do we need to keep reference to old check details?
| Originally posted by : ramcharan | ||
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simply withdraw the money and use it as they want, nothing will happen regarding income tax dept. is concerned |
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Gift it again from joint a/c to individual a/c and file a return accordingly.
But if once you take it into individual a/c then all future income arising of that money will be taxable in the hands of the Transferee i.e.Assessee(Wife)
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