Tax implication of 10 lakh rtgs to family

ash (eng) (35 Points)

06 September 2019  

Hello Everyone,

My family member is in need of some money and I want to transfer around 10 lakh through RTGS to his saving account. He/she would return this money to my bank account either this financial year or next. I would like to know if it is legal to transfer such amount as loan or gift or help to relatives. If yes, what are the tax implications I should be aware of and be ready for?

Thanks for your help/suggestions.