I am planning to give a montly gift to my wife in cash, cheque or through net transfer which she will invest in the equity market. Is it beneficial to me in regards income tax? whether the income from equity is taxable to me or wife? or other way to do this if possible.
Could I ask somebody to explain me?
Thanks in advance.
Mr.Sanjay
Please refer to section 64(1)(iii) of Income-tax Act, 1961 and know your-self the consequences of the monthly gifts proposed to be made to your spouse.
Best Wishes
Sathikonda
Mr.Sanjay
Please refer to clause (iv) of sub-section (1) of section 64 not clause (iii). Sorry for the inconvenience.
Best Wishes
Sathikonda
if ur income is more than ur wife income then it will be taxed under ur income
and if ur selling that equities after one year of holding then there is no tax
CAclubindia
