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jinesh (Querist)
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14 September 2012 i am retired from govt service.

i got 20 lacs from retirement.i have made planning in this way: i have transferred the 6 lacs to my wife 7 lacs to my 1st daughter 7 lacs to 2nd daughter( both daughters are unmarried) in 2010-11.

my wife, my both daughter transferred the same Amount to one constrcution co. from their bank Accounts.

Now,construction co. has maintained the ledger accounts of all 3 persons and paid the interest in cash.my wife and daughters are not filing the income.

Am i liable for tax or not? because i have transferred the amount to all 3 persons

my que is that if i file the return then Interest Amount recd in cash to all 3 persons should be cluubed into my income? or they all are separately responsible for income tax?

pls advice how i can make planning further to save from tax.( i have legal source that i am retired and got 20 lacs).

these 3 persons are responsible for filing Income Tax return? pls suggest.

CA Amit Rajput

CA Amit Rajput (Expert)
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14 September 2012 Yes dear you are liable to tax due to clubbing provision of income tax .

as you had not mentioned age of your daughter . If your daughter is major than only both will be separately taxed.

jinesh

jinesh (Querist)
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14 September 2012 pls ans what i am asking you is that first Case: if i file the return then my income(say whatever) plus Income of these 3 persons ( my wife , my two daughters(age 27,32) is it ok ? do i need to consider in my return?

But if i follow in this Way
i consider only my Income in return(say pension)

and i file separate Return for these persons for separately receiving Interest Income then is it possible or not and i will not club the same into my return because they file separately

pls you go through my Que and ans me in each different case.

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Prakash Kochar

Prakash Kochar (Expert)
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17 September 2012 Any income arising in the hand of spouse (Wife)or minor children from the amount transferred by way of gift will be clubbed with the income of donor under sect. 64 of I Tax Act(Clubbing Provision).
If daughters are minor under the facts income of both minor daughters and wife from the amount transferred by you will be taxed in your hand.
If the daughters are major then income of daughter will be taxable in their hand but the income of spouse will be clubbed in your income for tax.
Considering the above provision, return of major daughter can be submitted separately showing her income from all the sources including income received from amount transferred by you.
In case of minor daughter and wife income is to be clubbed with your income, even if separate return are submitted by them.

CA Amit Rajput

CA Amit Rajput (Expert)
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17 September 2012 Dear your wife's income clubbed with your income and as your daughter are major separate return can be filled so as to avile separate basic exemption limit and plan your tax also and
you have to show your pension income plus clubbing of interest of your wife in your return

now satisfied ?

jinesh

jinesh (Querist)
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18 September 2012 i am talking about A.Y.2011-12 now what i have done i have considered both daughters Income ( Major) in my return and Pay tax on it and i considered amount Transferred to my wife as loan and not considered her Income into my return until her money comes back to me then i clubbed into my return. Now i want to file both daughters separate return from A.Y.2011-12 and what i did i have considered both daughters income in my return A.Y.2011-12 so if i was wrong then how to correct it out ? Can i file Revised return to claim the Amount back? pls advice.

can i file separate return for these two daughters? and i have not considered my wife income so what to do with that Income for A.Y.2011-12 i also want to file my wife Return so what i do? i am planning to file A.Y.2012-13 so can i do anything in that Return ? pls help me out.