No, you need not pay tax on that amount. Also, it is not required to be displayed in ITR.
Query on tax payment if spouse transfers amount
My wife is a housewife. My wife and I have a joint saving account where 1st holder is my wife and I am the second holder of that bank account. From that account, if my wife does a online transfers Rs 3lakhs to my single (savings bank account) account to make payment of home loan, do I have to pay tax for that amount? Since I am a salaried person and pay income tax. Do I have to pay tax or need to show in ITR for that amount or else would I get notice from IT dept.? Please clarify my doubt. Thanks!
Asked 5 years ago in Income Tax
Dear Sir,
Hope you are doing well !!
No, you don't need to pay the taxes on the same.
No, you don't need to show the same in ITR.
No need to pay tax and to show in ITR on Rs. 3 lacs.
Thanks for clearing my doubt! Is there any limit of bank amount transfer in this case from income tax point?
Asked 5 years ago
- As you have mentioned that your wife is housewife, it means she is having no income sources and joint account is having balance from your sources of income i.e. salary. If such is a case then there is no limit.
- You can take phone consultation for detailed discussion.
No limit from Income Tax Point, but if query comes department may ask for source of such income.
Hi,
You don't need to worry about it. Given the facts of your case, there is no exposure to you if your wife transfers the money from joint bank account to your individual bank account.
No, there is no such limit. Further, since your wife is a house wife, I am assuming that money deposited in saving account will also be yours.
It's just her share in the housing loan that she must have transferred why would government ask you to pay tax on same.
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you
No, there is no limit for the same.
Hello,
No, there would be no tax liability on such transfer.
I hope this answer satisfies your requirements.
Regards,
CA Hunny Badlani
No, there is no such limit.
Hi
No need pay tax for that amount & don't need to show in ITR
Hi
There is no limit for the same
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