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

386 views 5 replies

pr br

319 Points Joined September 2018

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?

Replies (5)

sabyasachi mukherjee

27886 Points Joined May 2017

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

Kapadia Pravin

17264 Points Joined December 2018

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 Joined 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 Joined November 2023

How to you file the return ? can you guide

i have same concern

CA Rakesh Ishi

Working at Private Company

8637 Points Joined December 2011

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.