Dear Sir,
gone through your posts and many thanks for your services.
kindly go through my problem and advise me.
I have been trading in my mother's and wife's accounts for the last 5 and 2 years respectively.
My mother is a pensioner with pension below tax limit and wife is house wife with no income.
I have incurred losses only in both accounts hence didn't file return in either case.
But during 13-14 I bought a car for 6 lac in my wife's name and few days back got a non statutory notice to explain why return is not filed for fy 13-14 . ( not done any trading in her account during 13-14)
I have replied in compliance mode stating no Taxable income.
But ever since that notice I am worried that I may get notice for the trading volumes in my mother and wife's accounts. To get buy peace of mind even though they have no taxable income I feel it better to file delayed return for my mother for fy 13-14 and 14-15 and for my wife's account for 14-15.
Kindly clarify whether i can file delayed return for 13-14 as well.
The details of the two accounts are as under, kindly go through and advise whether I should file the return or not necessary. Since filling ITR 4 is cumbersome can you kindly help in filing the return?
Case1.: Mothers Account: Pensioner.
F.Y 13-14 : Pension : 1.5 lac Trading volume : 20 lac Equity short term and 2 lac in Options.
Loss in equity short term : 35,000 and loss in options : 10,000 Total loss: 45,000
F.Y 14-15 : Pension : 2.2 lac Trading volume : 32 lac Equity short term and 12 lac in Options.
Loss in equity short term : 20,000 and loss in options : 18,000 Total loss: 38,000
Case 2.: Wife's Account : House wife No income.
F.y13-14 : No trading
F.y 14-15 : Trading volume : 4 lac Equity short term and 19 lac in Options.
Profit in equity short term : 4,500 and loss in options : 1,66,000 Total loss: 1,61,500
can I file itr 4s in my wife's case as 8% of total trading volume is below taxable income ?
Kindly advise early as I am very worried and not able to sleep peacefully.