Can the account closure proceeds of husband's account be transferred to spouse's joint account in which the husband holds second name, as gift?
Spouse is not yet filing her own Income Tax Return.
Amount transferred is more than 4 lakh rupees.
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Gift Income
Replies (1)
Yes, but better would be transfer the Gift amount first by Cheque ...... and then close the said account, may be by cash receipt of balance amount.
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