SFT regarding

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MBA
141 Points Joined July 2014

My 26AS is showing SFT 05 transactions worth 15 Lacs ( 9 Lac in one bank and 7 lac in another bank). I have income from one house property and regularly file ITR. These 15 Lac I received from my spouse for investment who is salaried and already paid income tax . So i have following questions

1. While filing ITR does I have to justify it or not?

2. If yes then How to report these income in my ITR

3. What is the tax implications due to this?

4. Any other way to save above taxes

I will highly appreciate and thankful for an early reply.

 

Vikas 

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On 15 August 2021 at 13:16 Report
Replies (14)
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1236 Points Joined March 2019
Treat as gift received.During transfer of funds what was the reason given? Was transfer vide net banking? How?
2 Reply
On 15 August 2021 at 14:14
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Chartered Accountant
24588 Points Joined November 2019
It should be treated as gift from relatives
1 Reply
On 15 August 2021 at 15:04
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Student
1174 Points Joined July 2012
This is a gift from relative. gift from relatives is not taxable.
1 Reply
On 15 August 2021 at 17:23
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MBA
141 Points Joined July 2014
Thanks Sir for your reply. The transfer fund was through net banking. Also while filing ITR where to show the gift income ( kindly give some details ). Thanks again Sir for your prompt reply.
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On 15 August 2021 at 19:42
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1236 Points Joined March 2019
During net banking transaction what was written in remarks?
Treat it as gift received under OS sch exempt income.
1 Reply
On 15 August 2021 at 20:16
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MBA
141 Points Joined July 2014
Thanks for your reply Sir. Sir nothing was written in remarks in online transaction. Thanks Sir It will be shown as gift income. So What will be tax implications for gift giver ? kindly guide?
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On 15 August 2021 at 20:44
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1236 Points Joined March 2019
No tax to sender or recipient
1 Reply
On 15 August 2021 at 23:24
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Student
1174 Points Joined July 2012
Need not even disclose in os schedule as it's not taxable. only exempt income to be disclosed in os schedule
1 Reply
On 16 August 2021 at 07:19
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MBA
141 Points Joined July 2014

Thanks a lot Sir for your valuable guidance.

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On 16 August 2021 at 07:44
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1236 Points Joined March 2019
Disclosure of exempt income prevents any notice from department so disclose as exempt Inc under sch OS .
1 Reply
On 16 August 2021 at 09:25
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MBA
141 Points Joined July 2014

Thanks a lot Sir once again

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On 16 August 2021 at 09:28
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Self
11 Points Joined March 2016

There is no restriction on wifie giving any money out of his income to his husband  but you cannot claim any tax benefits in respect of money gifted to your husband  You will have to pay full tax on your income because gifting of money, out of your income, is treated as application of income. Since a spouse is covered within the category of relatives and therefore gift transactions between spouses do not have any tax implications for the recipient.

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On 16 August 2021 at 16:49
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MBA
141 Points Joined July 2014
Thanks Sir, where is the option in New ITR form to fill exemption income details??
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On 19 August 2021 at 13:07
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109 Points Joined May 2017
Dear Vikas Garg,

1. I think no.

2.It is not a taxable income.

3. Nothing.

4.It is not Taxable income.

STF-005 is Time Deposit of Bank transactions may be one or more than one.
you don't need to report it in the ITR.
thanks
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On 20 August 2021 at 08:17


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