You may declare your income from pension and capital gains in ITR 2, disclosing sale consideration, cost of acquisition and resultant capital loss.
By Chirag Nangia
My husband invested in a Senior Citizen Savings Scheme in my name. How should I report the investment in my ITR?
— Uma Gairola
The investment made by your husband in your name shall be treated as a gift. As per the Income Tax Act, gifts received from relatives are exempt in the hands of the transferee. You shall be required to disclose the amount of investment as exempt income in schedule EI of the ITR form. The interest income received on SCSS shall be clubbed in your husband’s total income. Your husband shall have to disclose the clubbed income in schedule SPI of the ITR. You shall not be required to disclose the income so clubbed.
I and my wife jointly bought a house. My wife receives rent of Rs 20,000 a month in her account as she is a co-borrower and the rental agreement is done in her name and my tenant. I invest in debt and equity mutual funds and stocks in my wife’s name and account. Her total income is below Rs 2.5 lakh. Should she file ITR?
— Anand Kumpatla
Individual taxpayers are required to file tax returns compulsorily, before the due date, if their gross total income of the financial year, as computed in accordance with the provisions of the law, surpasses the basic exemption limit. The exemption limit for an individual is Rs 2.50 lakh. For those aged 60 to 80 years or 80 years or more, this exemption limit is Rs 3 lakh and Rs 5 lakh, respectively. The gross total income is computed by adding up income under all heads without accounting for deductions under Sections 80C to 80U or Section 54/54F/54EC, etc. Hence, if your wife’s gross total income does not exceed the basic exemption limit, she need not file ITR. However, one may file a return of income on a voluntary basis also.
I sold a property last year which I bought in 2012 at a slight capital loss. Do I need to file ITR? I am a pensioner.
— Brijesh Kumar Pant
While filing ITR one must disclose income from all sources, irrespective of the amount. Else the tax department could raise a query or make adjustment on account of mismatch at the time of processing. You may declare your income from pension and capital gains in ITR 2, disclosing sale consideration, cost of acquisition and resultant capital loss.
The writer is director, Nangia Andersen India. Send your queries to .