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Joint sav.ac & deposite cash

269 views 2 replies

Rupesh Soni

Taxation Consultant & CA final student

504 Points Joined September 2009

Supose i have business income & i shw sav.bank acc in my Balnce sheet-assets.now sav acc is joint My wife has tution inc if She deposite 200000/- cash in that account What entry i had made in my Books??? Bank dr but Cr??

Replies (2)

Guest

Bank a/c... dr

To wife (Capital)

You have to show the bank a/c in your BS as you must be the 1st holder. Since the amount deposited is in cash, it is advisable to consider it as gift from wife (instead of loan) and add it to capital. See that the I T return of the wife is filed showing the tution income.

It would be wise to open a seperate a/c for wife in future.