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Non filling of itr - issue nin03 (purchase of mf)


Sumit (ITA)     28 January 2019

Sumit
ITA 
 21 points

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My mother recently got a email from Income Tax about Non filling of ITR. She being a house wife never filled ITR before. Last year my father made some investment on her name in Mutual Funds from his retirement money. IT dept tracked this transaction and is asking to fill ITR. Information code  is SFT-010. There is no capital gain on the investment as such as no money is withdrawn. 

How can we show this purchase in ITR if there is gain as of now?

Also, am I correct in assuming that my father can invest on my mothers name?

avater

RAMAKRISHNAN R (INCOME TAX OFFICER)     28 January 2019

RAMAKRISHNAN R
INCOME TAX OFFICER 
 156 likes  1636 points

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file ITR with nil income and if any ENQUIRY comes, show source for the investments emanated from the income of your father


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