I want to Know about whether Tax is imposed under following Case.
A person is Retired Govt.Employee. He Got 20 Lacs in month of July.2009 and Invested the same in Construction Company( Route From bank) and He got Rs.1 Lac in Cash at the End of March that I have considered in the Return.( He Claimed Less Interest)
Now Construction Co.returned back the amount after 1.4.2010 20 Lacs principal Amount alongwith Rs.66000 as Previous Year's Interest. so this is considered as interest income for this year.
Now He has transferred Rs.20 Lac to his Wife and Daughters in this Way To Wife 8Lacs Both Daughters 6 Lacs to minimise his tax Liability.
all these are Routed through Banks
Interest Amount given By Constrution Co. to all 3 persons By ChequeRs.39000)
My point is that Clubbing Rule is applied or not. if Clubbing Applied then Whole Interest (39000+39000+39000) Should be considered in Retired Person's Income or not?
Or I can File Separate returns for all of them and Consider in their income and File it Separately without Clubbing.
How i can Calculate Tax For all 4 persons?
Pls Explain That Retired Person has done right thing to transfer to their Wife and Daughter's Account.
20 July 2011
Yes Daughters are Major and do i have to file return for Wife if i consider clubbing in Husband's income? and Filing to be done for Daughters because they are receiving interest but There is no dedcution of TDS by Construction Co.? is it advisable to file return of daughters they have only Interest income in their bank account.
CAclubindia
