02 April 2009
For the only purpose of partial repayment of home loan of son, wife transfers fund to her husband's savings bank a/c.Then the home loan of son is repaid from husband's a/c Is there any involvement of incometax to husband.
02 April 2009
Since the amount is trf from wife's a/c to husband's a/c for repaying son's loan, no tax liability will arise, as the income arising on the amount trf to spouse's a/c is NIL.
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