transfer of fund by wife to husband's a/c.
This query is : Resolved
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.
achyut bhalerao
achyut bhalerao
02 April 2009
As I understand, there are three persosn, viz., father,mother and son involved in transaction
For funds transferred from one person to another in the above group for repayment Home Loan, there are no tax implications for gift.
Technically speaking, son cannot claim benefits under Sec 80C and 24, if Home Loan repayment is made using funds belonging to his father or mother unless a stand is taken that transfer of funds is intended to be in the nature of hand-loan
For funds transferred from one person to another in the above group for repayment Home Loan, there are no tax implications for gift.
Technically speaking, son cannot claim benefits under Sec 80C and 24, if Home Loan repayment is made using funds belonging to his father or mother unless a stand is taken that transfer of funds is intended to be in the nature of hand-loan
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- STCG....................................................
- Supply through E-commerce Operators
- AMOUNT RECEIVED UNDER COMPULOSRY ACQUISITION OF AGRICULTURAL LAND
- TAN for Partnership
- Relief u/s Section 89
- Sales return eway bill
- GST Registration Horse racing
- Section 43B(h) – MSME Invoice Paid Before Year End but After 45 Days
- STCG on ETF gold & silver
- If there is Long term capital gain exists how much total income to be considered
- Section 54F - Exemption on LTCG in 2026 for HP purchased in 2023
- Sales amount in Gstr1
- CG after sale of flat
- E Commerce GSTR1 & 3B how to file
- Nomination of Bank for refund in itr 2
- GST Cancellation without jurisdiction
- Legal Opinion on Registrar's Refusal to Investigate a Society for Non-Renewal and Non-Compliance
- GST Refund_RFD-01
- Form10BD was uploaded successfully without any Error but after 24 hours, Form10BE are not available
- Annexure B utility for GST Refund
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
