23 July 2016
My wife made an online transfer of Rs.2 Lakhs as loan to spouse for the purpose payment towards Registration fees and Stamp duty for buying flat jointly in name of my son and myself. The loan is just to help us in acquiring the property. The money as readily withdrawn for the purpose it was meant for. Will such money be treated as gift from wife? or, Will the money be treated as income from other source? In income as retired person is below the taxable limit. But, if the amount is added to my pension, it crosses the taxable limit. Is it necessary for me to file ITR? If yes, where to post the loan money. The amount did not earn any interest. Is my wife or myself is liable for any tax on interest.?
24 July 2016
In the purpose column in banks website for online transfer it was entered as loan. The loan is non-refundable / unsecured loan with no interest. May it be treated as gift? Purpose is mentioned in original posting. Is the amount so received is then taxable? If yes, how can it be done? My income is below taxable limit. Will be then treated as income? My income is below taxable and if the amount is added to my income it will then be taxable. What is the suggestion?
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