LCI Learning

Share on Facebook

Share on Twitter

Share on LinkedIn

Share on Email

Share More

Sudeep Gupta (Manager)     21 March 2016

Income tax

Me and my Ex wife hold a joint property, where I had paid the entire money and she is joint holder for name sake only. That time she was a housewife and had no income. After that we have seperated and since long time had no contact.

Recently she received a notice by Income Tax asking the source of income for her assets. She is having some other movable and immovable assets too and I am sure that she is not in position to justify her assets (even excluding this property) as per her income.

How can that notice affect me as a joint holder of property, despite I am having all the details of  payment for this property from my salary account, can this property be attched if she is not able to justify her assets?

Request a early answer on this?



Learning

 1 Replies

shrikant v. sathe (retired)     09 April 2016

When you have paid the entire money for that property , but for the  convenience you have added the name of the spouse.So that you have to bear the taxes .She can  prove that she had not paid anyamount for the construction of that property.When we have fixed deposits in the bank where the deposits are created from the income of husband but for concenience it is kept on both names.It does not mean that the wife is owner of that amount .This is my justification.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register