Trasnferred of loan amount to SB account, whether it attract income tax?

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Sir,

As I am not liable to pay Income Tax, I am not required to file an income tax return. During the assessment year 2024-2025, my son has transferred an amount of ten lakhs rupees to my account towards the expenses of my daughter's marriage. My son availed the loan for the marriage, and I am the co-guarantor. My son regularly files his income tax return, and income from the loan he availed would surely be reflected in his return. Let me know whether I have to file the income tax return for the assessment year 2024-2025.

Thanks in advance,

Antony Kaitharath

Replies (1)

No. Amount transferred to your account for funding marriage expenditure won't be treated as your income.

 

But please keep the explanation and whatever possible documents for marriage expenses ready on a safer side.


CCI Pro

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