Developer of Housing Society has taken possession of my flat for redevelopment of Society building who is paying me online Rs.20000/- p.m. i.e. Rs.2.40 lac p.a. towards compensation of rent. Work of plinth is on progress. My annual income from pension plus Bank’s Deposit Interest in my name plus on wife’s name will be Rs.6 lac in current financial year. I am filing IT Returns till now including income of my wife from earning interest. Now my son from USA has sent Rs.50 lac in saving account of my wife in April 2018 for purpose of expected maintenance and repair expenses of flat in the name of my wife, Medical Expenses of my wife and myself and medical/living expenses of my my two major kids. One of these kids is dependent daughter and minor grandson( No personal income of daughter and grandson). While other kid is major earning son but his income is insufficient to meet his cancer treatment. Wife will earn Rs.200000/- extra income this year from Bank interest on Rs.50 lac plus Rs.2 lac from rent of flat. I have following question.
- May I claim Rs.2.40 lac income received from Developer under IT Act Sec 56 and same amount deductible under Sec 57(iii) so as to save income tax.
- Should I file separate IT return of myself and wife separately to save income tax.
- Is their Gift Tax on amount Rs.50 lac received by my wife from his son for purpose stated above.
CAclubindia
