A man transfers 4 lakhs to his spouse account (she has no income)..she withdraws 2lakh from that in bank ..bank sends a msg that ur threshold
limit has exhausted.. In future you need to withdraw huge cash means you should submit latest KYC and income tax details
but my actual question is she has no income what kind of documents she has to submit???
and that 4 lakh is a personal loan amount of my client he is transferring to his wife ...will it attract any tax or penalty for such transaction
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Tax implications on withdrawal of 2 lakhs
Replies (4)
Quick Summary
1. KYC details with PAN & Adhar .... if ITRs were filed, submit copies...
2. The loan amount is not taxable... but any more cash withdrawal will be TDS deducted if KYC not completed urgently..
Why the need for such withdrawal . ?
Restriction of expenditure in cash is guided by sec 40(A) (3) and other sections.
Restriction of expenditure in cash is guided by sec 40(A) (3) and other sections.
Thank you for you both for responding to my query
You are welcome.
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