Dear sir,
Hello and thanks in advance fr having luk in my query.
I have got a lumpsum amount of 10 lakh from personnel loan dat i applied few days before for some household work.
But, d real task f investment is shifted to start after next 6 month.
Can i transfer this amount of 10 lakh to my sisters account who is a major for an FD scheme.
I dont want in mine account as you can understand about the tax on interest in my case.
My idea behind this as, Is it will not make any tax impose in her account after 15G submission.
Is there any issue if d amount transfer to sister`s account frm my end in this financial year is greater den 11 lakh.
please guide me in a brief way.
warm regards
D.Joshi
As per my knowledge
You want to transfer such loan amount in sister's a/c for FD purpose and after six months you'll get it back
Sec 61 Income tax act this transaction consider as revocable transfer of asset and generated income will clubbed in the income of transferor. So interest not considered as your sister's income.
Form 15G help not to deduct TDS from interest income but income is liable for tax.
There's not any restrictions regarding transfer of amount in any mode other than cash.
CAclubindia
