Section 5A of Income Tax act

Taxation
1

My wife has options income so need to file ITR3, me ITR2. As both are Goa residents and Section 5A is applicable.

Do we just need to fill the apportioned income under 5A schedule

Do we both need to fill same ITR3

Please can anyone help…

Thanks

2

@Quicko can you help.

3

Sure @ShubhS9
Hi @Vensa, both you and your wife will have to file ITR-3 also as you mention Section 5A will be applicable which essentially means that all income other than salary shall be shared between the spouses equally. Because your wife has traded in options, the gain/loss from the options trades shall also be apportioned to you which is why you will also need to file ITR-3.

1 Like
4

Thank you for the reply. I’m unsure about 5A applicability as I’m a foreign national (OCI) resident in India for AY. Wife is Indian. I have LTCG & STCG. From what I understand the apportioned income has to be shown in the Portuguese Civil Code Schedule