ITR
Joint account deposits questioned in my name
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Facts
Banks report joint account data against the first holder, or sometimes all holders. The deposits belong to whoever owned the money. You should explain the ownership and the source with proof.
Provisions and law
- Sec 133(6) (now Sec 252(1)(a))The officer can call for information useful for or relevant to any enquiry or proceeding
- Sec 69 (now Sec 103)Unexplained investments can be taxed as income if the source is not explained
Analysis
Explain that the account is joint, that the deposits came from your mother's pension or savings, and attach her income proof and return if she files one. You can also give AIS feedback that the information relates to another PAN if it is not yours. If both of you contributed, split the amounts. The officer may then send a separate query to your mother.
Conclusion
- Get a bank letter showing joint holders.
- Show your mother's source with proof.
- Give AIS feedback if the entry belongs to her PAN.
- Reply explaining ownership of each deposit.
A Savvy can do this for you
Call for information, Sec 133(6) (now 252(1)(a))
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