Dear friends
Mr X deposits Rs. 10000 every month in the bank account of Miss Y (his sister).
Will this be considered as income of Y.
What will be the tax treatment in hands of X and Y.
Please mention relevant section and rule.
regards
shivani
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Tax treatment
Replies (3)
no it will not be considered as income of miss y as mr. x already given tax on this income and if miss y make the investment and earned any income of this amount then that will be considered as her income and will be taxable.
shall i show it in exempt income of ITR of Y
or dont show it at all
regards
There is No need to show the same
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