Closure of Bank account and Transfer Balance to Spouse

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..... Closure of Bank account and Transfer Balance to Spouse
Query (Issue) Started By: - NISHANT SHAH Dated:- 28-5-2021 Last Reply Date:- 30-5-2021 Income Tax
Got 2 Replies
Income Tax
Dear Expe .....

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..... rt, 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 at .....

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..... tracted to recipient?? Please answer with justification. Reply By Sampath Kota: The Reply: Gift from relative is full exempt. Spouse being a relative,there will not be any issue. Reply By KASTURI .....

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..... SETHI: The Reply: Sh.Sampath Kota Ji, Will you please quote relevant Section of the Income Tax Act ? Thanks a lot.
Discussion Forum - Knowledge Sharing .....

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