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Closure of Bank account and Transfer Balance to Spouse, Income Tax |
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Closure of Bank account and Transfer Balance to Spouse |
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Dear Expert, Wife want to close her bank account and want to transfer balance lying in her account 20 Lac to her husband bank account. How can we show this transfer (Gift/Loan) so that no income tax can be attracted to recipient?? Please answer with justification. Posts / Replies Showing Replies 1 to 2 of 2 Records Page: 1
Gift from relative is full exempt. Spouse being a relative,there will not be any issue.
Sh.Sampath Kota Ji, Will you please quote relevant Section of the Income Tax Act ? Thanks a lot. Page: 1 Old Query - New Comments are closed. |
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