My wife and I married 10 years back.
She never worked (housewife but has PAN card). We never filed income tax return for her.
Over last 10 years she has collected cash via cash gifts from parents and relatives - about 2-3 lakhs. (not big amount for 10 years).
Earlier we would just keep the cash aside and not invest anywhere. Now we are planning to invest them.
We have already opened bank account recently. Now we are planning to deposit the same in her bank account.
My question is:
- How much money should we deposit in bank?
- Will she have to file income tax?
- What is the minimum amount which we can deposit in bank that will not require filing of income tax?
- Should we deposit all money at once? Or we should deposit in batches till March 31st?
- Will this catch eye of IT department? NOTE: We have nothing to hide but we do not want attention of IT department.
- There are friends/relatives who tell me to give money to them and they will give cheque etc. But we do not want to take that route.
We want to do it legally and honestly. But since they are regular cash gifts from parents and relatives over past 10 years, obviously we do not have any proof.
Please advice. Thanks in advance.
CAclubindia
