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Can My Wife's Income Be Investigated?

T S Khurana |391 Answers |Ask -Follow

Tax Expert - Answered on Aug 14, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Question by YOUSUF on Aug 04, 2024Hindi

Money

Dear Sir, My wife is as a housewife. I transfer my incentive amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

Ans: 01. No. I.T. department can't investigate or question your wife's source of income, since it is amount transferred by husband to wife. They can simply seek clarification about the source of Income of your wife & you can provide the details.
02. Kindly note that income from your wife's investment out of this amount needs to be clubbed (u/s 64) with your income & income tax paid by you accordingly, in subsequent years.
Welcome for any further clarifications. Thanks.
NOTE : This question was replied earlier also. However, we are repeating the same reply.

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Question by YOUSUF - Jul 28, 2024Hindi

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Dear Sir, My wife is as a housewife. I transfer my incentive amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the soluation.

Ans: 01. No. I.T. department can't investigate or question your wife's source of income, since it is amount transferred by husband to wife. They can simply seek clarification about the source of Income of your wife & you can provide the details.
02. Kindly note that income from your wife's investment out of this amount needs to be clubbed (u/s 64) with your income & income tax paid by you accordingly, in subsequent years.
Welcome for any further clarifications. Thanks.

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Question by YOUSUF - Aug 11, 2024Hindi

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Dear Sir, My wife is as a housewife. I transfer my incentive (direct transfer throuth other company) amount in her bank account (saving) for save income tax on my salary. the amount is approx 480000 per financial year. in future Can my wife's income source be investigated by Income Tax Department in future? please guide me on urgent basis and what the solution. She also filling the ITR.

Ans: Yes, beneficial owner of Income should offer it to tax.

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