MR. X RETIRES FROM EMPLOYMENT RECEIVED Rs. 5,00,000 AS GRATUITY (AFTER TAX LIABILITY), PROVIDES Rs. 2,00,000 TO ELDER SON MR. Y OUT OF Rs. 5,00,000. MR. Y INVESTS THE AMOUNT IN SHARES AND THERE IS A PROFIT OF Rs. 50,000. IN WHOSE HANDS Rs. 50,000 WILL BE TAXABLE?
| Originally posted by :PRABEER SARKAR | ||
| " | MR. X RETIRES FROM EMPLOYMENT RECEIVED Rs. 5,00,000 AS GRATUITY (AFTER TAX LIABILITY), PROVIDES Rs. 2,00,000 TO ELDER SON MR. Y OUT OF Rs. 5,00,000. MR. Y INVESTS THE AMOUNT IN SHARES AND THERE IS A PROFIT OF Rs. 50,000. IN WHOSE HANDS Rs. 50,000 WILL BE TAXABLE? | " |
if its LTCG, then thr is no tax liability. only STT will be paid.
if its STCG, then Mr. Y will have to pay tax. Assuming that he has attained the age of majority.
1 Whether investments (NSC, Bank Deposits, etc.) made on spouse / children name can be claimed under 80C benefits
2 Whether bank deposits can be claimed under 80 C benefits (if so how many years this has to be placed in deposits)
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