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My husband is an NRI living in the UAE. He has transferred money to my savings account in India several times, with amounts ranging from Rs. 70,000 to Rs. 250,000 per transaction. There have been around 6 such transactions so far.
Each time my husband transfers money, I receive an email from my bank mentioning TCS (Tax Collected at Source). My understanding is that TCS is applicable on income but in my case, this is not an income – it is simply a transfer to a spouse’s account.
I wanted to check if TCS is applicable in my case, considering this money is not an income but a fund transfer between spouse accounts. I would appreciate any clarification on whether TCS deductions by the bank are relevant here.