Hi,
Presently, both me and my wife are earning and use my credit card for expenses. I transfer my wife salary to my account and use that as primary account for credit card repayments. Is there a better way to manage this? what are disadvantages of it from tax point of view?
Thanks in advance,
amit
Does the amt of cr card pymt falls short of your salary. I dont think that there is any necessity to transfer your wife's salary to yoru account. Both of you can manage household exp by using both of your accounts.
Transferring of your wife's salary to your account wud not create any tax problems, as the salary wud be taxable in your wife's hands only.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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