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Transfer money to sister


Kirti Mishra (article)     17 January 2020

Kirti Mishra
article 
 23 points

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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?

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SOHAN LAL (Manger Accounts & Finance)     17 January 2020

SOHAN LAL
Manger Accounts & Finance 
 16 likes  355 points

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

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Alok Singh   17 January 2020

Alok Singh

 17 likes  194 points

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

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rama krishnan   18 January 2020

rama krishnan

 940 likes  10200 points

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

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Kirti Mishra (article)     21 January 2020

Kirti Mishra
article 
 23 points

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Thanks everyone for your valuable comments

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CA Arun Tiwari (Partner)     25 January 2020

CA Arun Tiwari
Partner 
 32 likes  860 points

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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.


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