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