CA Final/Inter Fast track classes available for May 20 attempt. Call: 1800-3000-0505

Transfer money to sister


Kirti Mishra (article)     17 January 2020

Kirti Mishra
article 
 23 points

| My Other Post

One year ago, I have taken 2 lacs rupees as loan from my married sister now I want to return 2.5 lacs to her via internet banking, I wanted to know what wil be the impact on her n on me as well from income tax point of view? What wil be the tds procedure?

avater

SOHAN LAL (Manger Accounts & Finance)     17 January 2020

SOHAN LAL
Manger Accounts & Finance 
 12 likes  298 points

View Profile | My Other Post

Income tax is not applicable because it's waive of liability. TDS Also not applicable on such transactions.

avater

Alok Singh   17 January 2020

Alok Singh

 17 likes  194 points

View Profile | My Other Post

Is the syster mentioned above is your relative ..means in blood relation. if not...so there will be some liability.

avater

rama krishnan   18 January 2020

rama krishnan

 925 likes  10009 points

View Profile | My Other Post

Assuming that your sister fall under the definition of relatives, there won't be tax implications either on you or your sister

avater

Kirti Mishra (article)     21 January 2020

Kirti Mishra
article 
 23 points

View Profile | My Other Post

Thanks everyone for your valuable comments

avater

CA Arun Tiwari (Partner)     25 January 2020

CA Arun Tiwari
Partner 
 32 likes  860 points

View Profile | My Other Post

The exchanging occurring in this transaction is the nature of the Gift to the Relative so it is not Taxable and it is also a waiving off liability.


Leave a reply

Your are not logged in . Please login to post replies

Click here to Login / Register  




Popular Discussion


view more »