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Income credited in wife account
some fee collection from my business is credited to my wife account.can i show this as my income..or she should file it as her income..? pls reply thanks in advance
Replies (4)
Quick Summary
As income is from your business it needs to be included in your income computation.
Hi Jhon,
Generally In these type of transaction it is advisible to file income tax return of your wife.
However if you want to show In your income tax return for various purpose like showing more income to avail loan etc then you to make some internal arrangements.
for any further query please write to me at sthayin @ gmail
Generally In these type of transaction it is advisible to file income tax return of your wife.
However if you want to show In your income tax return for various purpose like showing more income to avail loan etc then you to make some internal arrangements.
for any further query please write to me at sthayin @ gmail
Follow the provisions of clubbing of income.
In my view, if this is the income from your business then it should be considered in your return. Merely amount is credited in your wife's account is not the reason to consider it in your wife's return. The character of income does not change due to account holder of the bank account.
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