Q: Where husband is sole owner can sale proceeds be split between husband and wife to avail tax benefits?

Ans: No it is not possible as Husband is a sole owner and sale proceeds or income will be chargeable on the basis of PAN card number. As a sole owner it is the responsibility of the owner to file his return and pay the tax (if any).


Q: I have ten lakh in SB account now I want to deposit 5 lakh another in the same account will I be in tax radar?

Ans: Yes, it can be possible. If you have deposited Rs.10 lakhs or more in the Savings Bank Account then you can be get noticed by the Income Tax Department and you may get even a notice from the Income Tax Department to provide the explanation about the amount and then you must have a reasonable answer for that. 

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