Sir, I want to be clarified whether a housewife should declare her income (in ITR) generated from gift/assets recieved from her husband when husband has already included this income in his taxable income as per rule of clubbing of income.
If not where it should be shown in wife's ITR form (EI)?
In my case, my wife has earned capital gain in Aug'15 which i have invested in REC-54EC Bond in my name to avail rebate & accordingly filled up my ITR as per rule of clubbing of income. Now, whether my wife should declare this capital gain in her ITR & to be taxed again?
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If not where it should be shown in wife's ITR form (EI)?
In my case, my wife has earned capital gain in Aug'15 which i have invested in REC-54EC Bond in my name to avail rebate & accordingly filled up my ITR as per rule of clubbing of income. Now, whether my wife should declare this capital gain in her ITR & to be taxed again?
REGARDS more
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I am thankful to all respected members for their valuable opinion came out from this fruitful discussion of my post. more
Jul 08
Mr. S DASGUPTA: Now the issue is clear. As you had two flats, you had to pay income tax on notional rental value of your second flat that you claim to be your flat but was in your wife's name. Since you now want to benefit from the capital gains by buying capital bonds, ITO will ask you why you did not pay income tax on the notional rent on this second flat. Note that this income accrues to you irrespective of the fact that you did not gent any rent. more
Jul 08
Sh ASHOK GOLAS Pl note further information as desired: 3. As already informed, there was no rental income from the flat so the declaration of rent amount in my wife’s ITR never done for the past year & consequently the issue does not arise for claiming HRA benefit from Govt as this was my 2nd flat. 4. For house rent, I had lease agreement with my company for my flat where I stay presently. In this context I must inform that after declaring no rental income of the concerned flat in my previous reply, I did not imagine such further issue could be raised as u posted today. Nevertheless, if u find further unclear information which I could not give pl do post with comprehensive list rather than asking time and again in order to avoid prolonged discussion & finally getting logical conclusion of the issue of my post. more
Jul 08
