Scenario based Income Tax query

205 views 4 replies

I am Male - 32 yrs have deposited 40 lakh over a span of 5 years in a joint account bearing my wife's name as first holder and mine name as second holder . The interest accumulated over the years , TDS has been cut under my Wife's name and her PAN card.

Now I am buying a flat with 40 lakhs in my name . She is transferring the amount to my account and I will buy a house under my name

 

Question in future will I have problem showing the source of income ? or this is a common approach ? What I am doing is it legit or missing something ?

Replies (4)
No problem as it can be shown under relative
Dear Rahul,
No it will be under the provisions of Clubbing. There will not be any issue.
You can proceed with the same.
Thanks and Regards,
RA.
As per current situation the income tax department will ask you the source of 40 lacs.if you have received this 40 lakh from the joint account, then from where you have earbed it for depositing in joint accounts.

if you have a valid source of income then it is ok but if you don't have a valid source of income the whole income will be taxable at the rate of 78 %.
Clubbing provision will apply. Inter-transfer to spouse ag gift is possible but income from that gift will be taxable in Donor's name.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
ARTICLESHIP 20 June 2026
Articleship

RB KESHRI & CO

Mumbai

B.Com

View Details
Company
29 May 2026
Accounts assistant

Shubh Consultancy

Mumbai

Graduate (Any)

View Details
Company
ARTICLESHIP 28 May 2026
Accounts, Audit & Compliance Executive

Shyam Joshi & Associates

Pune

B.Com

View Details
Company
22 May 2026
U.S. Financial Reporting & Consolidation Manager

Karia Overseas

Ahmedabad

CA

View Details
Company
26 May 2026
Audit executive

vdsr & co LLP

Chennai

CA Inter

View Details
Company
26 May 2026
Senior Accountant cum purchase Manager

Vardhaman Group of India

Pimpri Chinchwad

CA Inter

View Details
Company
ARTICLESHIP 31 May 2026
Article Assistant

KPRS And Associates

New Delhi

CA Inter

View Details
Company
22 May 2026
Audit assistant

Displayandbeyond

Mumbai

CA

View Details