If I transfer rs. 25 lacs online from my bank a/c. To my daughter bank a/c.
Will this transaction bank need to report to IT department or not.
If yes, how this transaction will show in AIS Or 26aS.
Thanks
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AIS OF INCOME TAX
Replies (5)
High-value transaction & it may be reported.But need not worry .
Income Tax will be on the income earned but not on the mere transfer of funds
Income Tax will be on the income earned but not on the mere transfer of funds
Sec 56 (2)
This inflow of funds will be clubbed with parent
This inflow of funds will be clubbed with parent
Only income is clubbed not all inflows
But my daughter is adult. She is not minor.
So, how income will be clubbed.
It's not required..You may not the purpose for which it is received for future references
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