Tax Liability for Non Income Transactions
1 year ago
Below is the case for which I would like to know if I owe money to the Tax authirities.
1. My 85 Year Old grandmother is a pensioner who receives My grandfathers pension who was a central Govt employee.
2. My Grandmother transfers an amount of 15 thousand monthly from her pension account through a cheaque to my bank account.
3. I withdraw the entire amount or transfer the amount to my mother who is a housewife and does not have any source of income.This goes towards Mothers expenses and medical expenses for my grandmother.
A. First, beign a taxpayer myself falling under the tax bracket 5L to 9.9L, will I need to pay any tax on the money(Point 2) that I receive in my Bank account?
B. My Grandmother gets hospitalised sometimes. She Pays the hospital expenses via cheque which gets transferred to my account. Am I liable to Pay tax on such transactions?
P.S: Due to her Age my grandmother cannot travel to bank to withdraw her pension nor she does not trust ATM cards.
The questions are related to Finance matter and such questions may be answered by either CA or Auditor. Please approach any one of them.