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Transfer money to sister

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23 Points Posted on 17 January 2020
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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On 17 January 2020 at 17:11 Report
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Manger Accounts & Finance
363 Points Posted on 17 January 2020
Income tax is not applicable because it's waive of liability. TDS Also not applicable on such transactions.
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On 17 January 2020 at 18:21
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209 Points Posted on 17 January 2020
Is the syster mentioned above is your relative ..means in blood relation. if not...so there will be some liability.
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On 17 January 2020 at 18:41
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12244 Points Posted on 18 January 2020
Assuming that your sister fall under the definition of relatives, there won't be tax implications either on you or your sister
35 Reply
On 18 January 2020 at 03:13
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23 Points Posted on 21 January 2020
Thanks everyone for your valuable comments
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On 21 January 2020 at 20:22
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Partner
6665 Points Posted on 25 January 2020

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.

7 Reply
On 25 January 2020 at 14:55


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