18 December 2009
Dear Sir, My Uncle wants to Start a business. So he wants to redeem their mutual funds near about 4-5 lacs. Is there any tax applicable on redeeming ?? He also wants to take money from father & Mother approx. 6 lacs.. Not as a loan, as a will. Can he??
18 December 2009
First they can take gift from nyone with whom they have blood relation nd from some specified relatives there is no tax implication for these entries nd second the mutual funds are held for Long term then profit from these exempt under section 10 of income tax act, 1961 and if short then there are tax implication
CAclubindia
