Gift tax

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2016 I want to gift some stocks (held in demat format) to my wife on her birthday (about 5 lakhs net worth as of today). She is a teacher and files her returns independently.

In case there is a dividend declared on the gifted shares, do I need to show it under my income (as exempt income)? or my wife will show it as exempt income in her returns?

The question is more pertinent now that dividend above 10L is taxable...

Please clarify

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

03 August 2016 no any limit for gift from husband to wife.
exempt income viz. dividend will be clubbed in the income of husband.

Querist : Anonymous

Querist : Anonymous (Querist)

03 August 2016 Will the dividend income clubbed to husband even if wife is a independent earner and tax payer?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

03 August 2016 yes, because she has received these shares out of gift...i.e. without consideration.

Querist : Anonymous

Querist : Anonymous (Querist)

04 August 2016 Thank you. For how many years the income has to be added to husbands income?
What happens if she sells (after a year so that no capital gains tax ) and buys something else?

Amol S Joglekar

Amol S Joglekar (Expert)
Follow

04 August 2016 since long term capital gain is exempt...the exempt income will be added to husband..
after that for new asset, the income will cease to be clubbed.

You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now

Similar Resolved Queries

Unanswered Queries

Popular
Recent

Trending Online Classes

Direct Tax Laws & International Taxation May 26,Sept 26 & Jan 27

CA Arvind Tuli

Enroll Now
Audit Fast Track Recorded Batch For May 26,Sept 26 & Jan 27

CA Aarti Lahoti

Enroll Now
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English

CA Bhanwar Borana & CA Shubham Keswani

Enroll Now

view all classess

Meet our CAclubindia PRO Members

Chnmaya parhi

NIKHIL GUPTA

Sabareesan S Venkatesh

Purav Dholakia

sinu kurian

Subscribe Now

Gift tax

Similar Resolved Queries

Trending Online Classes

Meet our CAclubindia PRO Members

Quick Links

Browse by Category

Latest Job Openings

Accountant

GST CONSULTANT

CA Final

Manager- Finance and Compliance

GST CONSULTANCY

Senior Executive