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Transfer money to sister
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?
Replies (5)
Income tax is not applicable because it's waive of liability. TDS Also not applicable on such transactions.
Is the syster mentioned above is your relative ..means in blood relation. if not...so there will be some liability.
Assuming that your sister fall under the definition of relatives, there won't be tax implications either on you or your sister
Thanks everyone for your valuable comments
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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