19 March 2024
Hi If a housewife saves money from household expenses is that saving taxable? How much of the savings can be deposited in the savings account in a financial year without attracting tax. Note housewife has no income source only savings from household expenses upto 30000 a month.
19 March 2024
Can you please clarify in that case how much money from her savings can she deposit in the savings bank account. Is there a limit per financial year? Can 5 lakhs be deposited from house hold savings without attracting income tax
20 March 2024
For deposit money in bank account it's not taxable. In case earn interest from the deposit then its Taxable. it's also have some relaxation. 5lakhs also not taxable income even if its Your income.
CAclubindia
