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?
REGARDS more  

View all 22 comments Below 22 comments
I am thankful to all respected members for their valuable opinion came out from this fruitful discussion of my post. more  
There is a principle that we have to tell full truth with Doctors and Advocate. more  
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  
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  
Post a Comment

Related Posts

    • Unfair practice by IT Deptt,

      I had filed my income tax return for the assessment year 2021-22 under section 139(1) i.e., filed on or before the due date, and claimed the refund of Rs. 5000 plus. The same was acknowledged by th...

      By Indu Bhushan Bhargava
      /
    • Income Tax Refund Delay

      I am a senior citizen and filed my return on the 18th Oct but till date (23rd Dec) I have not recd my refund. I have called their Helpline no also many times. They say they will lodge my complaint ...

      By Neeru Sood
      /
    • Senior Citizens retirement plans going for a toss

      For bank fixed deposits in India: 2016: 9.3% interest 2019: 8% interest 2021: 5.5% interest Senior citizens retirement plans must be under water unless they did enough ...

      By Aditi Jain
      /
    • New Income Tax Portal System

      God news. A lot of time has been vested. In the Court, it may be advised that any future such new thing must be tested in all respect and by all stakeholders, before the due date I.e. 31/03 in this...

      By Hasmukh Sangani
      /
    • Why income details must be given to broker

      Always wondered, why does an investor have to fill in income details with the broker? I buy shares if I have money. I do not need to have an income. And PAN number is a must. So why do you add this...

      By Aditi Jain
      /
    • Bad news for small savers

      There won't be any cut in interest rate of Small savings schemes . Yesterday's decision to lower the interest rate is REVERSED

      By Jayanti Natarajan
      /
    • Bad news for small savers

      Rates on small savings schemes reduced by 50-90 basis points. PPF in April-June quarter to earn you only 6.4% interest against 7.1% earlier. Senior Citizens Savings Scheme to earn on 6.5% now compa...

      By Vikram Gupta
      /
    • Secured earning for Senior Citizens

      I raised this point on earlier occasions also. No relief seen in any budget. I made a suggestion as follows: There are some schemes exclusively for the benefit of Senior Citizens like Se...

      By SN Sitaram
      /
    • Rounding off the amount in Bills

      Request guidance as to which is the appropriate circle & authority to whom i can complain regarding the below mentioned issue: Lately with many of my relatives and friends staying in Gurga...

      By Manas Hazarika
      /
    • Great news for seniors

      Senior Citizens (above 75 years) who get pension and interest income only are exempted from filing returns

      By Azam Yusuf
      /
    • The Govt salutes honest and compliant tax payers

      Recently our CBDT isued a press release saying it cannot punish compliant and honest tax payer by extending various due dates for the assessee who are dishonest, lazy and non compliant and our secu...

      By SUBHASH PARAKH
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)