31 December 2012
We have a joint house loan and property is also in joint name. The EMI is being deducted from my salary account. My wife is a salaried person(government teacher) but her salary is being credited to a local bank(disctrict cooparative bank). This bank do not have core banking and do not have check facility. My wife use to give me some amount monthly in the form of cash. I use to deposit this cash to my account. I have already deposited more than 50000/- to my account which I received from my wife. My query is..
How to treat this cash? Will this be taxable for me?
31 December 2012
You may show the amount received from your wife against monthly payments deducted from your salary account. . In case of the Govt Employee wife, whether such amount, as has been given to you, has been withdrawn from her Bank (salary) account or not? ( It should be withdrawn from her account to explain her source of repayment). . The cash will not be taxable for you. Both of you can take the benefit of Interest as well as Principal Repayment assuming that your monthly installment of home loan does not exceed Rs. 10000/- p.m.. .
Yes, the amount given to me is being withdrown from her salary account. But how can we prove that the ammount withdrown by her is given to me? And how can we prove that the amount I use to deposit in my account has been received from my wife? Can we make any note/paper/receipt for this?
And the EMI is around 20 thousand. Can you please explain why the EMI should not exceed 10 thousand?
01 January 2013
If you deposit 20000/- per month, your wife should have to contribute Rs 10000/ in it. . If she has withdrawn Rs. 120000/- or more, or she is having cash in hand out of earlier withdrawals then , you can say that monthly she has given me Rs. 10000/- towards repayment of housing loan. You might have got the reply in connection with the emi of Rs. 10000/- assuming that she could have given you 50000 or 60000. . It is always better to have an explanation beforehand, at least for our personal satisfaction. . In future, get transferred the required amount periodically (or monthly)from her account to discharge her EMI obligation. .
04 January 2013
You want to know about the complicity of depositing cash in your account although you have taken the same from your wife's salary account.
Instead of cash why donot you take the cheque and deposit in your account.
You are afraid of the provisions of Section 269SS and 269T. Both the provisions are very dangerous. The A.O. make tax or levy the penalty and you have to fight it out that as you have taken from your wife the provisions are not applicable to you.
Regarding cheques- First let me tell you that my wife is a Zilla Parishad Teacher. She not working in same city that I am working. Her workplace is 150 km from here, at a very small village. Her salary account in a Disctrict Cooprative bank (Raigad District Central Co-operative Bank, Maharashtra ) which is not part of core banking and the branch is located at very remote area. If my wife give me a cheque, it may take weeks to get the amount credited to my account.
Now can you please guide me what can be done? I have already recived more than Rs 50000/- from my wife and I have deposited this amount to my account. How can I avoid applicability of Section 269SS and 269T?
How can I prove that the amount have been taken from my wife? Is it possible to document these trasactions on a stamp paper and notarize it?
Other than amount received from my wife, my NRI brother have transfered Rs 50000/- to my account for my father's treatment. Is there any problem for this transaction as well?
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