Amount transferred into parent’s wife’s bank account for day to day expenses.

Forums General Discussion Amount transferred into parent’s wife’s bank account for day to day expenses.

Amount transferred into parent’s wife’s bank account for day to day expenses.

For convenience sake the son/husband transfers amount into bank account of parent/wife for daily household expenses. How is this viewed by income tax dept? This amount is certainly not a gift in the hands of the recipient but this transaction is essential for family members and a very convenient system for all members.

Profile photo of Shalini Hadkar Asked By: Anonymous 1 replies 0 helpful answers Last Updated: 11 months ago
  • Profile photo of Shalini HadkarAnonymous

    For convenience sake the son/husband transfers amount into bank account of parent/wife for daily household expenses. How is this viewed by income tax dept? This amount is certainly not a gift in the hands of the recipient but this transaction is essential for family members and a very convenient system for all members.

  • Profile photo of Chetan ChandakChetan Chandak
    Moderator

    Any amount transfer between Son-Parents or Husban-Wife has no tax implication. But if wife generate any income out of the gift received form husband then such income will be considered as the income of the husband and will be taxable in his hand.

    But if wife saves some small amount out of the regular amount received from her Husband for household expenses it will be considered as her money and will not attract clubbing provisions.

You must be signed in to reply to this question.