What is the Income Tax treatment, if person A transfers more than fifty thousand Indian rupees electronically to Person B's saving account?
I wanted to know the income tax implications if A transfers more than fifty thousand Indian rupees to B's saving account electronically. The B is not a relative to A.
Would B be taxed as he/she is a recipient?
And will A be questioned on the intent on transfer?
What kind of documentation is required for A to furnish if in case there is a income tax scrutiny?
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Income tax is payable by B. Unless Income tax authority has reason to believe A transferred for tax evasion, they are not bothered.
This does not mean other agencies like ED or Police will be not bothered, if they have reason to believe the intent was for unlawful gains it would be investigated
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