Sumit (ITA) 28 January 2019
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 There is no capital gain on the investment as such as no money is withdrawn.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?
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more