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Money deposited using crossed cheque in the account of other person
Suppose I deposited money using a crossed cheque in the savings account of Mrs XYZ. Will Mrs. XYZ have to pay income tax for this credit? Will Mrs. XYZ will face any issues for this?
Replies (4)
What is the connection between both the parties?
Good question. No professional connection.
If this is between relatives, how there cannot be any problem? Will not IT department see a money transfter into somebody else's account? Will the IT department consider it as an Income for the person in whose account the money is deposited?
Regards
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