Hello Sir/Madam,
I have 1 query.
Husband and Wife both are salaried and both are paying tax on their income .
Husband had purchase Quant MF 1 years ago of Rs 1L. current value is 1.4 L for that.
Wife had purchase AXIS MF 1 year ago of Rs 1 L and current value is 1.4L for that .
Both of they have decided to exchange their MF. so husband has given Quant MF to wife of RS 1.4 L and wife has given Axis MF to husband of RS 1.4 L
So my query is
If both of them sell MF after 2 year then if clubbing of income applicable to both of them? Or then can just pay tax of own amount . Both case tax applicable is same.
After 2 year both share price is 2 L then any case of of them need to pay tax on 1 L. But for filling ITR if it need to show against clubbing or in normal.
Also what if net value of both MF is different after 2 years ?
ICICI MF (Husbant had given gift to wife) price is 2.5 L
Nippon MF (Wife had given gift to Husband) price is 2 ?

If a taxpayer having income from business or profession has opted for the old tax regime for the Financial Year 2024-25, he shall be allowed to switch to the new tax regime for the Financial Year 2025-26 only once. However, once the new tax regime is opted, he shall not be eligible to switch back to the old regime in any subsequent year, unless the business or professional income ceases to exist. is this correct??

Dear Members,
Make-up and Hair Styling expenses incurred to a Actresses, can it be claimed as ITC
Is it eligible? because she uses it for her films and promotion events
Please reply its urgent

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