AIS OF INCOME TAX

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18 Points Posted on 03 March 2022

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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On 03 March 2022 at 21:15 Report
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Quick Summary
Transferring a significant sum like Rs 25 lakh to an adult daughter's bank account may be reported to the Income Tax department as a high-value transaction. However, the transfer itself is not taxed. Income tax is only levied on income earned. If the funds were a gift, it's advisable to keep documentation for future reference, as tax implications primarily concern earned income rather than the mere movement of funds.

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CFO- at NHTF
58280 Points Posted on 04 March 2022
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
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On 04 March 2022 at 07:19
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Profession Business
28246 Points Posted on 06 March 2022
Sec 56 (2)
This inflow of funds will be clubbed with parent
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On 06 March 2022 at 11:12
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CFO- at NHTF
58280 Points Posted on 06 March 2022
Only income is clubbed not all inflows
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On 06 March 2022 at 19:12
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18 Points Posted on 06 March 2022

But my daughter is adult. She is not minor. 

So, how income will be clubbed. 

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On 06 March 2022 at 19:21
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CFO- at NHTF
58280 Points Posted on 06 March 2022
It's not required..You may not the purpose for which it is received for future references
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On 06 March 2022 at 19:22

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