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?
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Tax on ltg
Replies (2)
It will be treated as income of your wife and your wife will be liable to pay the tax on long term capital gain.
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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