Need A Financial Product Forums Tax Savings Is money transfer to mother’s account taxable in my hands

This topic contains 1 reply, has 2 voices, and was last updated by  Hitesh Jain 2 years, 3 months ago.

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  • #47217

    Hitesh Jain
    Member

    I have savings bank account with HDFC Bank and my mother has an account with PNB. If I transfer some of my money through net banking from my account to my mother’s account, will it be taxable in my hands?

    #47218

    Ashok Malik
    Member

    When you earn money, you become liable to pay tax on it. In whosoever account you transfer this amount does not really matter as you have already paid tax on it. Once the money gets credited to your mother’s account, it becomes her money and any interest earned on it will belong to her and therefore taxable in her hands.

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