Hi,
My brother want to open trading account in his wife name. So i want to know tax liablity on short term capital gain.
Her income does not come into taxable range. So how tax is calculated on STCG.
is its 15% straight forward on STCG?
or
Both Income and STCG will added then tax calculated?
One more quetsion , is she elgible to claim for exemption in Tax for Rs1lakh or not,
if her total income come into taxable range.
Please guide?
if not come in taxable income then exempt from tax ,
but i am not sure whether clubbing provision is applicable or not since investment come from husband
if she has reasonable source of income then it is very much possible
1.to Claim exemtion limit and deduction of 1 Lac, if the total income exceeds exemption limit
2. i think there is no stright forward 15% tax on STCG.
if she dont have source of income then clubbing provisions will be applicable
CCI
Pro
CAclubindia
