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Is it mandatory that my mutual fund investments should be reflected in Income Tax filing

I have started investing in Mutual funds through SIP since FY-2012-13. Is it mandatory that such investments should be reflected in income Tax filing? However, I have not mentioned those investments, kindly advise. Further, during FY 2014-15, I transferred around Rs. 44,000.00 in my wife's account as an advance. Her other source of income are home tutorials and tailoring. She is investing in mutual fund & Share markets. She filed income tax in FY-2014-15. My quarry is should I have reflected the Rs. 44,000.00 as joint investment, which I did not. Now can I do that & how? Kindly suggest?

Jul 12, 2016 by Basudev, Barbil  |   Mutual Fund

1. While filing Income Tax returns (IT return), it is not mandatory to mention the investments unless it has been done for tax saving purposes. Therefore, all your MF SIP investments, if these are in ELSS schemes, should have been shown in your IT return. If these are other than ELSS schemes, then you need not mention the same. However, as a tax payer you should always maintain your capital account wherein you should have records of all your assets and liabilities. These investments will then be shown in asset side.

2. You can provide loan to your wife, that is not a problem. But, you have to ensure that she is returning the loan when she has sufficient balance in her account. Or else, you can also gift her the amount.

3. Regarding joint investment, please note that tax rebate, interest or dividend receipts payments will be accounted for the first holder.

4. Therefore, since both of you are filing tax returns your investments should be separate and both of you should also maintain capital accounts for future purposes.

5. You can nominate your wife or make her the joint holder in your investments and vice versa

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