Help me in doing this correctly.

225 views 4 replies

Hi,

So I have the following :

I sold a property for X amount And received the proceeds in my accounts.(Sep 2018) Subsequently I transferred the entire proceed into a join account I have with my mother.

Later the same amount was used for investing and trading via her brokerage account and resulted in the loss of capital. She is retired and her returns have been filed regularly.

How should this be treated?

Replies (4)
File her income tax return and show the loss from intraday or short term accordingly.

Do I need to show a loan from my account etc in the tax return?

Yes. in case you are required to get income tax audit done,then the same has to be accounted as a loan in balance sheet

Could you please check your private message? Thank you.

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