TRANSFER MONEY WITHIN FAMILY

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5 Points Posted on 21 March 2020
wife transfer money to husband
is there any kind of tax liability on any of them???

please clear

thank You
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On 21 March 2020 at 11:24 Report
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Transferring money between family members, such as a wife to a husband, generally doesn't incur an immediate tax liability. However, any income generated from the transferred funds may be taxable in the hands of the original transferor due to clubbing provisions. This means the income is treated as if it were earned by the person who originally transferred the money.

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Chartered Accountant
12739 Points Posted on 21 March 2020

If an individual transfers any income without transfer of assets then such income is taxable in the hands of TRANSFER . 

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On 21 March 2020 at 16:46
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12244 Points Posted on 22 March 2020
On transfer of money there's no tax liability however income generated out of the transferred amount is taxed in the hands of transferor Under clubbing provisions
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On 22 March 2020 at 03:34

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