Short term capital gain

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sush007 (Querist)
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27 September 2011 Hello

My wife Purchased shares in her demat account. The payment of which is made from her husband saving account(joint account). Suppose my wife sells and makes short term capital gain, who will pay tax on such income?

CA Sreenivasa Rao Munaga

CA Sreenivasa Rao Munaga (Expert)
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27 September 2011 Tax has to be paid by the person who earned the income. In the present case, income was earned by wife and so tax has to be paid by wife only.

From which bank account the funds has been transferred is an internal procedure.

Thanks,
CA M Sreenivasa Rao.

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