POSTED BY October 28, 2013 1:44 pm COMMENTS (4)ON
I’m following Jagoinvester from last two years, I have made some very good decisions while taking Insurances and following for all my financial doubts. It is really very helpful. I thank and appreciate the organisers and helpers.
Here is my query:
I’m a software engineer and my wife is home maker. As per my financial plans, I have a target to buy land/house. Now a days most of the sellers are asking some considerable amount of liquid cash(40%) along with home loan(60%). To have more liquid cash, I choose chits as medium.
When I pay chit EMI’s, I pay them directly from my salary account to Chit Organizer, but when I take final chit amount he is paying me by cash. I want to deposit that cash in my wife’s savings account to make term deposits so that the interest generated will attract less/no tax as my wife has no income. Now the questions are:
1. Is it legal even if I deposit more then 50,000 in my wife’s account with her PAN? Will it be questioned by IT? or will that cash attract any tax?
2. Will it be ok, if I deposit less then 50,000 every time?
Thanks in advance!