income tax

This query is : Resolved

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

achyut

achyut (Querist)
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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)
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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.