Hi,
For AY 2020-21, I transferred 48L from my bank accounts to a joint account which is held by myself and my wife. My wife then invested this fund into FDs.
She got a 148 notice as she missed to file an ITR.
142(1) notice aksed source of these investments which we explained accordingly and attached bank statement of the joint account showing incoming funds coming from my other bank account. Part of the source of FDs were from my salary credit to the joint account.
She got a show cause notice asking again for the source of these FDs or they will be added to income under section 69.
How should we explain these ? Does gift deed help ? Are they asking where I got 48L from ?
I was a long time NRI and the transferred funds were from my past savings.
It would of great help if someone can please help.
Thanks
Rajib Majumder
CAclubindia
