Dear All,
Kindly let me know how would Income Tax department will view these Transactions.
1. If i withdraw some amount from one Savings account and Deposit in another, will that be considered as additional income and have to pay income tax for that ?
2. Family members (Father/ Mother/ Spouse, etc) transfer (NEFT or otherwise) money from their account to my account, how will that be considered, what about tax?
3. If a friend transfers money to my account (NEFT or otherwise), then how would it be considered?
Regards,
Chandrakant D.