08 December 2013
In F.Y.2013, I had given Amt. of rs.10 lakhs to my wife to apply in public issues, but due to the lack of opportunity & knowledge she did not do it & returned the amount back to me before the year ended. All transactions were done by a/c payee cheque. Interest was generated in my wife's name. She is just a housewife & does not have any income. Now I have shown that interest income under my income list. I have not hidden anything. But i have not done any bifurcation that this is my wife's income & this is my income. Is it ok. The full interest income received is added to my income. Plz. advice. Thanks.
08 December 2013
As far disclosure of income is concerned you have complied the same. For bifurcation you not worry just for your records prepare & keep if required to be submitted in future.
CAclubindia
