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Tax on ltg


Krishna (Software)     21 August 2018

Krishna
Software 
 21 points

| My Other Post

I am a salaried person and have invested in some equity mutual funds under my wife's name (she is a housewife) and now we are planning to sell some of the funds. After selling the long-term gain will be around 200,000 (2 lacks). Who is liable to pay LTG tax is it me or my wife. That is, is that 2 Lacks LTG is considered as income of mine or my wife?

avater

Komal (student ca final)     21 August 2018

Komal
student ca final 
 62 likes  709 points

View Profile | My Other Post

It will be treated as income of your wife and your wife will be liable to pay the tax on long term capital gain.

avater

Varma(❤️Jesus❤️) (CA )     21 August 2018

Varma(❤️Jesus❤️)
CA  
 54 likes  609 points

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As per sec 64 where you provide money to your spouse and that money is invested by the spouse and a certain income is generated (from such money that you gave your spouse).The income that arises from such investment done by her can be clubbed to your income.


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