i have 1.3 crore in one bank in my name can i transfer the amount to other bank of my own account or to my wifes account?
do my wife need to pay tax for the money i transfer or give explanation for IT for the money?
do the bank where i transfer ask about the fund? do they inform to IT?
no more q
n o
no more question
fr
please ans the above queas???
Hi,
You can transfer the money to your other bank account or your wife's account.
If you transfer it to your wife's account then your wife need to show the amount as gift in her return as exempt income. It's better to execute a gift deed in this regard.
Please feel free to call/ revert in case of any doubts
Thanks and Regards
Abhishek Dugar
CA CS B.Com
Hello,
You may feel free to transfer the funds from your one bank account to the other.
You can also transfer the funds to your wife's account but on a safer side prepare a Gift Deed and keep for your wife to show it to the Income Tax Department if required.
Trust this clarifies your query.
Feel free to call / get back in case of further clarifications.
Thanking You.
Regards,
Rohit R Sharma
BCOM, ACA, LLB-GEN, CERT. FAFP
Hi,
If you have paid tax on this amount, then you need not worry.
Any amount given by you to your wife will be considered as a gift and is exempt in her hands. If you transfer it to another bank account in your own name, then there is no income tax liability, as there is no income at all!
The bank may question you or your wife, but only from the perspective of anti-money laundering.
Trust this clarifies.
Regards,
Keerthiga Padmanabhan
M.Com., CA, LLB
