Income tax notice rules: It has come to light in many cases that people adopt many tricks to avoid 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 income tax-related disputes, then it is very important to follow these rules. If you are a husband and wife, then you need to know these rules related to income tax, by following which you can avoid the department's radar. Let's read our news for all this 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 no tax is directly levied on them.

In such a situation, there are some other rules, if you know them, then you will not have to face any kind of financial obstacles.

In our country, cash transactions between husband and wife are a very common thing. However, if this transaction happens without thinking, then you need to understand some things so that you do not get any income tax notice from the Income Tax Department.

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 gifts, then this money will be considered as the husband's income. 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 sections 269SS and 269T.

What are the tax rules on husband-wife cash?

According to tax experts, if the husband gives money to the wife for household expenses or gifts, then this amount is considered the income of the husband. The wife does not have to pay tax on this.

According to the Income Tax Act, special rules apply to the transactions made between husband and wife. According to the Income Tax rules, the provisions of sections 269SS and 269T apply to this. The husband can give money to his wife in cash or other form.

Income Tax rules will not come like this.

If cash is given to the wife by the husband, whether it is for household expenses or as a gift. Income Tax notice does not come on this. It will be considered 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.

These are the rules 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.

These are the rules 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, then it should be through banking. At the same time, according to Section 269T, cash more than Rs 20,000 will have to be returned. This will be through banking.

No penalty is levied.

There is a close relationship between husband and wife. For this reason, if the penalty is not imposed as per these sections, then it is necessary to follow these rules to maintain transparency.

What is the limit for giving cash to the wife?

If you are giving cash to your 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.

Disclaimer: This content has been sourced and edited from Hr Breaking. While we have made modifications for clarity and presentation, the original content belongs to its respective authors and website. We do not claim ownership of the content.