Income tax query for treatment amount transferred
This query is : Resolved
23 December 2020
Sir,
One of a I.t Assess (husband) some amount rs:80 lacs transferred to another I.t Assess(wife) bank account transfer.this amount wife used for some loans repayment purposes
Question:
Above transactions both assess treatment for cash gift to wife or cash loan to wife benefit and safe under I.t. act.
One of a I.t Assess (husband) some amount rs:80 lacs transferred to another I.t Assess(wife) bank account transfer.this amount wife used for some loans repayment purposes
Question:
Above transactions both assess treatment for cash gift to wife or cash loan to wife benefit and safe under I.t. act.
23 December 2020
Gift to relative exempt from tax. Transfer through bank no problem. Amount utilised for loan repayment clubbing provisions not applicable as no income earned.
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