Your queries: Income Tax; Income from gift to wife is clubbed in husband’s income

Your queries: Income Tax; Income from gift to wife is clubbed in husband’s income

By Chirag Nangia

* My wife is a homemaker, and I file her return under the basic exemption limit. Can I transfer a lump sum amount to her account on which I have paid tax already and then she makes the investment in her name such as buying a property, investing in FDs, bonds, shares etc?

—Pradeep Jain

Income from investment made by money gifted by you to your wife shall be clubbed in your hands and offered to tax by you in your tax return. Your wife may file a return for disclosing such gift received which is exempt from tax.

* I am 87 years old and have a total income of Rs 5 lakh. Should I file an income tax return?

—Amar Nath

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Income tax return needs to be filed if the gross total income exceeds the basic exemption limit, which is Rs 5 lakh for super senior citizens. The exemption of Rs 1 lakh from capital gain is not deducted from total income but only reduced while computing taxes. So your total income will turn out to be Rs 6 lakh and you have to file the tax return.

* How do I check if someone is misusing my Aadhaar or PAN card to raise a loan in my name?

—Rajive Kaushik

Check your Aadhaar authenti-cation history from UIDAI website or mAadhaar app by using your Aadhaar number to know if some one misused your details. You may contact your bankers in order to confirm the same. Check your credit score regularly as a good credit score helps a person to take loans from banks and financial institutions with greater ease.

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* On the income tax portal, there’s an option to file ITR for AY 23–24, but it shows only two ITR forms —1 & 4— although I filled form 2. It also shows the option of downloading and uploading pre-filled data. What should I do?

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—Bimla Kumari

Utilities for all ITR forms have not yet been made available on the income tax portal. You may wait or you can download the offline excel based utility for ITR-2 which is available in the downloads section on the portal. The ‘.json’ file generated from such a utility can be uploaded on the portal to file the return. The pre-filled data is used to fill basic details like name, PAN, address, contact details, bank accounts, etc., while filing the income tax return offline. It is best suggested to wait for the utilities to be made available online.

The writer is director, Nangia Andersen India. Send your queries to

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