About Taxable Income
This query is : Resolved
27 December 2008
If my father transfer rs. five lac to my account for the payment to contractor,then is it taxable portion for me?
CA Tilak Raj Sharma
(Expert)
27 December 2008
No, that is not taxable. But IT Deptt. can make a query in this respect and then you have to explain this. then they will also make qnquiry about your father's income.
K V Subba Rao
(Expert)
27 December 2008
Transfer of funds from father's account to son's account is not a serious issue. But what exactly Mr Janardan means by "for...payment to contractor".
Unless Querist expreses himself clearly, it may be difficult to tender advice on the point actually required by Querist
Unless Querist expreses himself clearly, it may be difficult to tender advice on the point actually required by Querist
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