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Do I need to pay Tax if I transfer money from Credit Card to My Saving account?

pr br (319 Points)

23 September 2019

There are few ways where you can trensfer /rotate money from my own credit card to own saving account by paying some % of payment gateway fees?

This month I transfered Rs. 5,00,000 in Aug month from my credit card to my saving account by paying fee of 5000(gateway charge) then Rs. 5,00,000 deposited to my saving account. Do I need to declare it in ITR?

In September also I transfered 10 lacs from credit card to my saving account by paying some fee.

I think we do not need to declare it to ITR since it is not a income, just a like personal loan. so We do not need to do anything.

Anyone please clarify?

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5 Replies

sabyasachi mukherjee (26039 Points)
Replied 23 September 2019

Its a loan ...
you have taken from your associate bank.

1 Like

Kapadia Pravin (17249 Points)
Replied 23 September 2019

You are right to think that you do not need to declare it in ITR since it's a personal loan and not an income. 👍

Mayank Kumar (24 Points)
Replied 13 January 2022

Hello Sir, I have been using my credit cards as revolving credit. I do not do any business. I am just a salaried employee. Since , I had financial stress, I used credit cards to rotate money. I used paytm rent pay to transfer money from my credit card to my savings account and then pay another credit card bill and so on. I have been spending. 5-6 lakh every month like this. Is there a problem from this? What should I do now?

XTRENDZ TECH (5 Points)
Replied 01 November 2023

How to you file the return ? can you guide

i have same concern

CA Rakesh Ishi (Working at Private Company) (7775 Points)
Replied 02 November 2023

Given the significant amount involved, it's advisable to consult with a tax professional or accountant who can help you properly account for these transactions in your personal and business tax returns.