Notice Received from Income Tax Department due to Transaction in Stock Market, Income Tax

[DEEPAK GAGRANI]

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.

Posts / Replies

[MARIAPPAN GOVINDARAJAN]

The money gives to your wife is part and parcel of your earning and the same is reflected in your income tax return you may contact the jurisdictional Officer and inform the facts and seek his advice.

[Kishan Barai]

When you Transfer money to your family members they trade with them , return has to be filled, you can file Nil return if Income below 3,00,000 , in case of loss Nil return will do

Rather then doing Stock Exchange Business, it is available to look for some different fields like Export Import Business, even it could be done via home

[DEEPAK GAGRANI]

so who can i file income tax return. and what i will show in income protion and what i will be show if she made loss in stock exchange.