Income Tax Rule: In our country, many types of taxes are imposed on the people by the government. It is the responsibility of every citizen of the country to pay tax to the government on time. This also contributes to the development of our country. Income tax and many other types of taxes are being taken from the people by the government. Almost all people pay their taxes on time and play the role of a responsible citizen. At the same time, there are some people who do not pay taxes on time or evade taxes.
It has come to light in many cases that people adopt many tricks to avoid not paying taxes. In such a situation, the Income Tax Department is also fully prepared to deal with them. Many rules have been made by the government and the department regarding income tax.
If you never want to get caught in disputes related to income tax, then it is very important to follow these rules. If you are a husband and wife, then it is very important for you to know these rules related to income tax, by following which you can avoid the radar of the department. Let’s read our news for all these information.
Transactions between husband and wife are not directly taxed
If you transact cash in India, then there are many rules under the Income Tax Act. Under the Income Tax Act of the country, if there is a cash transaction between husband and wife, then there is no direct tax on them.
In such a situation, there are some other rules, which if you know, then you will not have to face any kind of financial obstacles.
In our country, it is very common to have a cash transaction between husband and wife. At the same time, if this transaction happens without thinking, then you need to understand some things, so that no notice of the Income Tax Department comes to you.
According to the Income Tax Act, if there is a cash transaction between husband and wife, then there is no direct tax and neither is there any restriction of any kind. At the same time, there are some rules which are important to know.
These rules will be applicable on some special occasions
According to tax experts, if the husband gives money to his wife for household expenses or gift, then this money will be considered as the income of the husband. At the same time, the wife will not have any tax responsibility regarding this.
According to the Indian Income Tax Act, some special rules and regulations apply when there is a cash transaction between husband and wife. If the husband gives money to his wife in cash or any other way, then it is very important to follow the rules of Income Tax and the rules of section 269SS and 269T.
What are the tax rules on cash of husband and wife
According to tax experts, if the husband gives money to the wife for household expenses or gift, then this amount is considered as the income of the husband. The wife does not have to pay tax for this.
According to the Income Tax Act, special rules apply on the transactions made between husband and wife. According to the Income Tax rules, the provisions of Section 269SS and 269T apply to this. The husband can give money to his wife in cash or in other form.
Income Tax will not come in this way
If cash is given to the wife by the husband, either for household expenses or as a gift. Income Tax notice does not come on this. This will be considered as the income of the husband. If the husband’s income is taxable, then the husband will get a notice. It is not that he will collect tax by showing more money as household expenses.
This is the rule for giving cash for investment
If the husband gives money to the wife and the wife invests it, then its income has to be shown in the ITR. If this amount is taxable, then the wife will have to pay tax.
This is the rule for giving cash to the wife
According to the provisions of Section 269SS and 269T, some limit has been set on cash transactions between husband and wife. According to section 269SS, cash of more than Rs 20,000 cannot be given in lump sum.
If a transaction of more than Rs 20,000 is done, it should be done through banking. Whereas, according to section 269T, cash more than Rs 20,000 has to be returned. This will be done through banking.
No penalty is levied
There is a close relationship between husband and wife. Due to this, no penalty is levied according to these sections, so following these rules is necessary to maintain transparency.
What is the limit of giving cash to wife
If you are giving cash to wife for household expenses, then there is no limit for this. You can give any amount to wife for household expenses. No tax is levied on wife for this.
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