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Anu (Manager)     13 August 2021

FUNDS TRANSFER FOR TAX PURPOSE

Me and mother file ITR each year and She pays more tax than me . She wants to transfer Rs 50 lacs (via cheque) from her Indian bank account to my SBI account . (The purpose is reducing  income tax on her) .

Q1--  ...Will their be any tax related issue if she transfers this much money to my account ??

Q2-- will it be better if she pays me all the amount in one go or in small amounts periodically???

 



 3 Replies

Samantha J

Samantha J   13 August 2021

1.No 2.Since it's a check it's immaterial.
Sourav

Sourav (Student)     14 August 2021

1. No, there will be no tax related matter.

2. Better if amount is paid periodically
Kiran Hathalia

Kiran Hathalia   14 August 2021

Consider the amount transferred as a gift since gift received from relative is not taxable and better prepare a gift deed for the same.

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