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transfer of fund by wife to husband's a/c.

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(Querist)
02 April 2009 For the only purpose of partial repayment of home loan of son, wife transfers fund to her husband's savings bank a/c.Then the home loan of son is repaid from husband's a/c Is there any involvement of incometax to husband.

achyut bhalerao
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CA JAIMIN TRIVEDI

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CA JAIMIN TRIVEDI (Expert)
02 April 2009 Since the amount is trf from wife's a/c to husband's a/c for repaying son's loan, no tax liability will arise, as the income arising on the amount trf to spouse's a/c is NIL.
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Sanjay Soni

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Sanjay Soni (Expert)
04 April 2009 No Taxability
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achyut

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achyut (Querist)
14 April 2009 thanks for resolving the query
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