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Mihir

Mihir Tanna  |961 Answers  |Ask -

Tax Expert - Answered on Aug 23, 2023

Mihir Ashok Tanna, who works with a well-known chartered accountancy firm in Mumbai, has more than 15 years of experience in direct taxation.
He handles various kinds of matters related to direct tax such as PAN/ TAN application; compliance including ITR, TDS return filing; issuance/ filing of statutory forms like Form 15CB, Form 61A, etc; application u/s 10(46); application for condonation of delay; application for lower/ nil TDS certificate; transfer pricing and study report; advisory/ opinion on direct tax matters; handling various income-tax notices; compounding application on show cause for TDS default; verification of books for TDS/ TCS/ equalisation levy compliance; application for pending income-tax demand and refund; charitable trust taxation and compliance; income-tax scrutiny and CIT(A) for all types of taxpayers including individuals, firms, LLPs, corporates, trusts, non-resident individuals and companies.
He regularly represents clients before the income tax authorities including the commissioner of income tax (appeal).... more
Muneendrakumar Question by Muneendrakumar on Aug 21, 2023Hindi
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Dear Sir i am 30% slab on tax and i have fds also . i believe only on FDs .but intrest also become taxable 30% . some body told me that if i transfer my fund to wife and son and fd there then no proble . please tell me that if i tranfer 25 lk to wife and make fds there is it taxable to me or not . is 25lk tansterd income become taxable to her or not only intrest taxable please clearify

Ans: Gift received from relative (spouse included in its meaning) is not considered as income from other sources and will not be liable to tax. Further, income earned by spouse from the amount invested will be clubbed in the hands of Husband (gift giver).
DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.
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Ramalingam

Ramalingam Kalirajan  |6995 Answers  |Ask -

Mutual Funds, Financial Planning Expert - Answered on Aug 20, 2024

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Sir myself Ashok, Can I transfer mutual fund, which is in my name and my wife is nominee, to in my wife's name. Do i or my wife have to pay income tax
Ans: Unfortunately, you cannot directly transfer a mutual fund from your name to your wife's name. Mutual fund units are typically linked to the investor's PAN card and cannot be easily transferred to another person.

Alternative Options:
Redemption and Re-investment:

You can redeem the mutual fund units in your name.
Transfer the money to your wife's account.
Your wife can then invest the money in new mutual fund units in her name.
Gifting the Money:

You can gift the money equivalent to the mutual fund value to your wife.
She can then invest the gifted amount in mutual funds.
Tax Implications:
Redemption and Re-investment:

If you hold the mutual fund units for more than a year, the capital gains are generally long-term and taxed at a concessional rate.
If you hold the units for less than a year, the capital gains are short-term and taxed as per your income tax slab.
The income earned by your wife on the new mutual fund investment will be taxed in her hands.
Gifting the Money:

There is generally no gift tax in India, so gifting money to your spouse is usually tax-neutral.
The income earned by your wife on the mutual fund investment will be taxed in her hands.
Important Considerations:

Gift Tax Laws: While there is no gift tax in India, certain conditions and limits might apply in specific cases. It's advisable to consult a tax professional for detailed guidance.
Income Tax Implications: The taxability of the mutual fund income will depend on factors like the holding period, type of fund, and individual tax slabs.
Financial Planning: Consider your overall financial goals and risk profile before making any decisions.

Best Regards,

K. Ramalingam, MBA, CFP

Chief Financial Planner

www.holisticinvestment.in

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