Joint sav.ac & deposite cash
Rupesh Soni (Taxation Consultant & CA final student) (504 Points)
29 April 2014Rupesh Soni (Taxation Consultant & CA final student) (504 Points)
29 April 2014Bank a/c... dr
To wife (Capital)
You have to show the bank a/c in your BS as you must be the 1st holder. Since the amount deposited is in cash, it is advisable to consider it as gift from wife (instead of loan) and add it to capital. See that the I T return of the wife is filed showing the tution income.
It would be wise to open a seperate a/c for wife in future.
Rupesh Soni
(Taxation Consultant & CA final student)
(504 Points)
Replied 04 May 2014