Taxablity on sb a/c
This query is : Resolved
Joby Joshy
(Querist)
10 February 2014
I am transfering money to my fathers SB account from my NRE A/C for house hold expenses and loan settlement,any one could suggest any tax liability wiil be ther or have to submit ITR if amt exceeds more than 2.5 lac?
CA PARAS BAFNA
(Expert)
10 February 2014
There will be no tax incidence as you must have discharged your tax obligations on the amount transferred to the NRE A/c. The amount transferred to your father's account does not attract tax.
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