Tax on demat
This query is : Resolved
26 August 2013
Hi,
I want to open a Demat Account from my mother's name who has no income.
What I know is that on every short term trade there's a 15% tax on profit earned.
Since this is my mother's account who has no income. Will my mother get tax exemption on profit earned upto 200000 on above demat account?
Since my mother has no income, is there any question on the source of income which my mother is using to invest/trade?
Plase advise/give me more details if possible.
Thanks
I want to open a Demat Account from my mother's name who has no income.
What I know is that on every short term trade there's a 15% tax on profit earned.
Since this is my mother's account who has no income. Will my mother get tax exemption on profit earned upto 200000 on above demat account?
Since my mother has no income, is there any question on the source of income which my mother is using to invest/trade?
Plase advise/give me more details if possible.
Thanks
29 August 2013
1. Income up to Rs. 2 lakh will NOT be taxed.
2. If you show only income from shares, question may arise as to the source of the amount invested.
Either show some business income or gift your mother a sum of money through cheque.
2. If you show only income from shares, question may arise as to the source of the amount invested.
Either show some business income or gift your mother a sum of money through cheque.
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