16 July 2022
My client transferred money to his wife's bank account & some of his debtors also directly transfer the payment of his supply to his wife's bank account. His wife invested money in MF from the same bank account. My client filed ITR 4. Are all receipts from their wife's bank account clubbed with his business income? If yes then where does he show this clubbed income in ITR 4 by mentioning his wife's name, PAN, Adhaar no. etc. ? or does he naturally add this income with his income in ITR 4 without mentioning the name of his wife?
16 July 2022
1. Yes. 2. Aggregate the total amount to sale proceeds. 3. Any interest or gain earned by wife from the amount is to be clubbed to husband's interest or gain in his ITR.
CAclubindia
