Wife is still working & Husband is retired. Wife accumulation in account of about 15L is transferred to husband to gain higher interst advantages. Both are tax assessee & It's her regular savings after tax paid.
However question now are -
- As the amount treated in husband ITR as Gift from 1st Linier relative, so it was exempted under old tax regime but what does the new tax regime consider the same?
- As it is already tax declared income under wife, No do it attracts fresh tax for the Husband?
- If tax exempted, does it mentioned under other income of husband declaration, if so under which section the exemption shall be claimed during ITR filing ?
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