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Mihir Tanna |580 Answers |Ask -Follow

Tax Expert - Answered on Sep 14, 2023

Asked by Anonymous - Sep 13, 2023

Money

i want to give money to my wife for f n o trading which is treated as a business ,is any tax liability apply on me in this case

Ans: Gift received from relative (spouse included in its meaning) is not considered as income and will not be liable to tax. However, 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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I want to invest 4 lacs in my wife's name, she files her own returns regularly. If I gift her the money to invest will it attract tax liability? How will its gains onwards will affect her return?

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I retired from Railway in June 2022 and received below amount on retirement. PF-23 Lakh, Gratuity - 12 lakh, Commutation - 13 lakh and Leave encashment - 9 lakh. I also received pension from July 2022 to March 2023 - 259,000 INR. There was no TDS on salary of 3 months. Do I need to show all of the amounts in Income tax return? If yes what is exempt income and how to show all above?

Ans: You need to declare all the income, but some are taxable and some are not
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DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Investment in securities market are subject to market risks. Read all the related document carefully before investing. The securities quoted are for illustration only and are not recommendatory. Users are advised to pursue the information provided by the rediffGURU only as a source of information and as a point of reference and to rely on their own judgement when making a decision. RediffGURUS is an intermediary as per India's Information Technology Act.

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