During 2014 my grandma sold gold jewellery worth 150000 for cash (no proof or any sort of sales bill is available in this regards) and she deposit this cash in the joint bank account where i am the primary holder and my grandma is second holder.The very next day i invest Rs.110000 in mutual fund in her name and remaining 40000 in my name (both different folios) but through the same savings account.So how can i treat this Rs. 150000 can the full amount be shown as gift to me from my grandmother but the question is i reinvested this money in her name in mutual fund (110000) or only 40000 which is invest in my name can be shown as the gift then what about the 110000 how it would be treated in income tax.
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Treatment of cash deposit in joint bank account
Replies (1)
You have already invested in MF. So, based on the FIRST/SOLE investor, the ownership of the MF should be counted.
That 40K, should have been clerified in 2014 itself, either as Gift/Loan. If not done, by today you can decide and record accordingly.
For better clarification for future date, better segregate the account in to two (may be as joint holding) but PRIMARY HOLDER SHOULD BE CLEAR.
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