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SFT regarding

vikas garg (MBA) (131 Points)

15 August 2021

My 26AS is showing SFT 05 transactions worth 15 Lacs ( 9 Lac in one bank and 7 lac in another bank). I have income from one house property and regularly file ITR. These 15 Lac I received from my spouse for investment who is salaried and already paid income tax . So i have following questions

1. While filing ITR does I have to justify it or not?

2. If yes then How to report these income in my ITR

3. What is the tax implications due to this?

4. Any other way to save above taxes

I will highly appreciate and thankful for an early reply.

Vikas

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14 Replies

Samantha J (1236 Points)
Replied 15 August 2021

Treat as gift received.During transfer of funds what was the reason given? Was transfer vide net banking? How?

2 Like

CA. Sourav Sarkar (Chartered Accountant ) (24578 Points)
Replied 15 August 2021

It should be treated as gift from relatives

1 Like

Gowtham (Student) (1174 Points)
Replied 15 August 2021

This is a gift from relative. gift from relatives is not taxable.

1 Like

vikas garg (MBA) (131 Points)
Replied 15 August 2021

Thanks Sir for your reply. The transfer fund was through net banking. Also while filing ITR where to show the gift income ( kindly give some details ). Thanks again Sir for your prompt reply.

Samantha J (1236 Points)
Replied 15 August 2021

During net banking transaction what was written in remarks?
Treat it as gift received under OS sch exempt income.

1 Like

vikas garg (MBA) (131 Points)
Replied 15 August 2021

Thanks for your reply Sir. Sir nothing was written in remarks in online transaction. Thanks Sir It will be shown as gift income. So What will be tax implications for gift giver ? kindly guide?

Samantha J (1236 Points)
Replied 15 August 2021

No tax to sender or recipient

1 Like

Gowtham (Student) (1174 Points)
Replied 16 August 2021

Need not even disclose in os schedule as it's not taxable. only exempt income to be disclosed in os schedule

1 Like

vikas garg (MBA) (131 Points)
Replied 16 August 2021

Thanks a lot Sir for your valuable guidance.

Samantha J (1236 Points)
Replied 16 August 2021

Disclosure of exempt income prevents any notice from department so disclose as exempt Inc under sch OS .

1 Like

vikas garg (MBA) (131 Points)
Replied 16 August 2021

Thanks a lot Sir once again

CA Karan Singh Deora (Self) (11 Points)
Replied 16 August 2021

There is no restriction on wifie giving any money out of his income to his husband but you cannot claim any tax benefits in respect of money gifted to your husband You will have to pay full tax on your income because gifting of money, out of your income, is treated as application of income. Since a spouse is covered within the category of relatives and therefore gift transactions between spouses do not have any tax implications for the recipient.

vikas garg (MBA) (131 Points)
Replied 19 August 2021

Thanks Sir, where is the option in New ITR form to fill exemption income details??

sukumar ghosh (109 Points)
Replied 20 August 2021

Dear Vikas Garg,

1. I think no.

2.It is not a taxable income.

3. Nothing.

4.It is not Taxable income.

STF-005 is Time Deposit of Bank transactions may be one or more than one.
you don't need to report it in the ITR.
thanks