Dear All
Kindly help me. My wife has received notice from income tax department for trading in stock market. but she is doing trading or investment from my earning. I had transferred my saving to her account. because she housewife and she is not doing any job.
in the notice income tax department is mentioned we have received information from stock exchange you had done transaction in Equity,Future and Option. and we had not earned any amount on investment. we lost our capital all most 50%. so what we disclosed.
so income tax department is asking for income tax return. so she will fill the return or simple reply to income tax department all amount is received from my husband account and my husband is filling return yearly.
Housewife Receives Tax Notice for Stock Trades; Advice Sought on Filing Nil Return for Significant Losses An individual sought advice on a forum after their spouse received a notice from the income tax department regarding stock market transactions. The spouse, a housewife, traded using funds transferred from the individual's earnings. The notice mentioned transactions in equity, futures, and options, with significant losses incurred. The individual asked whether the spouse should file a tax return or simply explain that the funds were transferred from the husband, who files taxes annually. Respondents advised that the money is part of the individual's earnings and suggested filing a nil return if income is below a certain threshold, while also considering alternative business ventures. (AI Summary)
TaxTMI 
TaxTMI 
TaxTMI 
