income tax

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This query is : Resolved

achyut (Querist)

26 March 2009 if a wife having her first name in a savings bank a/c and second name of her hushand for operation e or s ) transfers some funds to Savings bank a/c of her husband (whose a/c has second name of wife for operation e or s) for the purpose of payment of home loan of their son having loan a/c in some other city but the bank name being the same that of husband's a/c what will be the position of incometax. The purpose of transferring the amount to husband's a/c is that the amount to be transferred to son's home loan a/c is done without any bank charge and within minutes. Wife's a/c is in some other bank which does not transfer the funds without charge and requires 2/3 days for transaction.

An early clarification requested

achyut g.bhalerao

CA LOKESH KASAT, FCA, M.Com

CA LOKESH KASAT, FCA, M.Com (Expert)

26 March 2009 No problem, But make sure the source of income is showed for the purpose of tax Planning.

achyut

achyut (Querist)

28 March 2009 dear shri lokesh, my query has not been clarified. Whether any incometax will be payable for the amount received by me from my wife's e or s bank acccount.
achyut.

achyut

achyut (Querist)

29 March 2009 my query has not been cleared to the point.I repeat : whether there will be any incometax for the amount received from my wife in my savings bank account only for the purpose of transferring to the home loan a/c of our son.