If rupees One Crore or more amount transfered by Husband to Wife by Cheque and Wife filed ITR as per limits available to an individual for three Assessment Years. Husband filed his own ITR separately using his Income Tax limits and exemptions.
Can it be shown as Gift or Loan ? and can Husband save Tax by utilising Wife's Income Tax limits ?
If not what will be repercussions ?
2 Replies
CA Rashmi Gandhi
(Chartered Accountant)
(86323 Points)
Replied 10 August 2022
Same is to be shown as loan.
Diana Stolar
(Student)
(4 Points)
Replied 19 October 2023
I have always trusted the Velure service; thanks to their help, you can quickly make any International money transfers https://www.velurepay.com/. I use their services and they have never let me down. Everything is always fast and safe for my funds.
Recent Topics
- Clarity regarding Sec 16(4)
- GST ON HOTEL ROOMS details
- Relief for Delayed Filing of Tax Forms
- Expire stock
- INCOME TAX AY 25-26
- Experienced CA firm for accounting & auditing
- Regarding Perquisite Tax on ESOP - Unlisted Compan
- Casual Taxable Person under GST
- Extended Date of GSTR-1 for the month of July 2020
- NRO Interest - Taxed at source and in Foreign Coun
Related Threads
CAclubindia
