tjr (Retired) (148 Points)
15 April 2014In Oct 2013 received gift of 4 lacs from spouse. Invested the same in a Dividend Payout FMP of 1100 days maturity. Is this dividend tax free or to be shown in my spouse’s IT Return ???
In whose IT Return will we show Capital Gain that will arise after 1100 days ???
Kindly advice & thanks in advance.
Income Tax Wala: (Fin. Expert)
(Chartered Accountants)
(2015 Points)
Replied 16 April 2014
1. Divident is tax free in your hand
2. clubbing provision will not be applied as you have gifted 4 lac to your spouse.
Lokesh Rankawat
(Intern)
(47 Points)
Replied 16 April 2014
1. Dividend is exempted u/s 10(34) but you have to show in your IT Return
2. Capital gain will be arise in your IT Return after 1100 days
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