Fund transfer from mother to son
This query is : Resolved
02 September 2021
My client has earned profit of Rs 2,50,000 from Fno trading in her mother's Dmat. Now further profit will be taxable so can he transfer capital of Rs. 10,00,000 from his mother's Dmat to his own Dmat for trading in FnO to save tax?
Is there is a possibility of notice from income tax department in future due to this?
If yes , then can my client say that this is a gift from Mother to son and hence exempt from tax.
Is there is a possibility of notice from income tax department in future due to this?
If yes , then can my client say that this is a gift from Mother to son and hence exempt from tax.
02 September 2021
In case notice received, say that this is a gift from Mother to son and hence exempt from tax.
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