Income tax for gift shares
This query is : Resolved
15 May 2024
I am planning to gift share to my wife.
1. Is there any limit to gift share to my wife?
2. If my wife selling the shares with in one year, who is accountable for short term capital gain tax, me or my wife?
1. Is there any limit to gift share to my wife?
2. If my wife selling the shares with in one year, who is accountable for short term capital gain tax, me or my wife?
16 May 2024
1. No limit, it will be tax exempt.
2. The holding period will count from the date of acquisition by you. As such it will be LT or ST including your holding period. The gain will be taxable in your hand, due to clubbing provision.
2. The holding period will count from the date of acquisition by you. As such it will be LT or ST including your holding period. The gain will be taxable in your hand, due to clubbing provision.
11 June 2024
My wife is working woman. I don't understand your last statement, clubbing?
Additional question: Dividend will be credited in my wife account, it's taxable for my wife.
Additional question: Dividend will be credited in my wife account, it's taxable for my wife.
11 June 2024
Section 64 (1) (IV) of the Income Tax Act deals with the direct and indirect transfer of assets to the spouse. In such case, even if the dividend is credited to wife's account, but it will be assessed in husband's hand.
Refer: https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html
Refer: https://taxguru.in/income-tax/clubbing-of-income-under-the-income-tax-act-1961.html
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07 September 2024
Good Luck.
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