Spliting itr for a.y. 2018-19 and saving income tax

Querist : Anonymous (Querist) 15 November 2018 This query is : Resolved
Developer of Housing Society has taken possession of my flat for redevelopment of Society building who is paying me online Rs.20000/- p.m. i.e. Rs.2.40 lac p.a. towards compensation of rent. Work of plinth is on progress. My annual income from pension plus Bank’s Deposit Interest in my name plus on wife’s name will be Rs.6 lac in current financial year. I am filing IT Returns till now including income of my wife from earning interest. Now my son from USA has sent Rs.50 lac in saving account of my wife in April 2018 for purpose of expected maintenance and repair expenses of flat in the name of my wife, Medical Expenses of my wife and myself and medical/living expenses of my my two major kids. One of these kids is dependent daughter and minor grandson( No personal income of daughter and grandson). While other kid is major earning son but his income is insufficient to meet his cancer treatment. Wife will earn Rs.200000/- extra income this year from Bank interest on Rs.50 lac plus Rs.2 lac from rent of flat. I have following question.

1. May I claim Rs.2.40 lac income received from Developer under IT Act Sec 56 and same amount deductible under Sec 57(iii) so as to save income tax.
2. Should I file separate IT return of myself and wife separately to save income tax.
3. Is their Gift Tax on amount Rs.50 lac received by my wife from his son for purpose stated above.

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KISHAN DUTT KALASKAR (Expert) 15 November 2018
Dear Sir,
Better seek answer from Chartered Accountant.

H.M.Patnaik (Expert) 16 November 2018
I completely agree with the view of Expert Mr. Dutt on your query. For proper advice , you need to consult an experienced tax consultant/ C.A. locally, who can give a correct tax plan/ filing advice after examining certain other connected points. Funds transferred by son for meeting medical expenses and other maint. charges may not be treated as Gift exigible to tax if planned properly and well documented.

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