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I need to calculate LTCG, should I use my wife's account and can I show transferred money as a gift?

T S Khurana |463 Answers |Ask -Follow

Tax Expert - Answered on Oct 11, 2024

A certified management accountant since 1993, T S Khurana is a fellow member of The Institute of Cost Accountants of India. His areas of expertise are income tax, specifically litigation cases, and GST.

Since the last 21 years, he has also been providing expert advice on financial matters, including investments and diversification of funds, and wealth building in the long term to his clients.
He believes that investment in real estate is the safest way for better returns and wealth generation over a period of time.

A former chairman of the Chandigarh Chapter of Institute of Cost Accountants of India, T S Khurana has also served as member of its technical committee.... more

Asked by Anonymous - Aug 09, 2024Hindi

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Hi I transferred some money to my wife and in her d mat account purchase share, now LTCG how pay in her account, can I show transferred money as gift to her, If I want want to purchase land to save tax, in which name we need to purchase, please advise

Ans: 01. Yes. You can show the amount transferred to wife's account as Gift, BUT in that case LTCG of wife will be clubbed with husband's income u/s 64.
02. In this case it is advisable to treat amount transferred to wife as a LOAN. All LTCG tax liability will be in wife's account.
03. Amount of loan may be received back from wife, after some time, may be with token interest.
04. Exemption u/s 54-F is available only, if you construct the residential house on purchased land, with in specified time (3 Years). Alternatively, you can also purchase a constructed house, 1 year before or 2 year after earning LTCG. However, in this case property shall be purchased in the name of your wife.
Most welcome for any further clarification. Thanks.

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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Ok sir thanks for reply. Small doubt. Gift means is the income generated from that stree dhan taxable in my wife's hand? Is any deed necessary or stamp duty for gifted amount

Ans: 01. You have another option of giving Loan instead of Donation or Gift. This loan shall be returned in due course. Both these transactions should be through banking channels only, to ensure its acceptability by the department.
02. This transaction may carry interest also. In this case Interest paid will be treated as expense of HUF & Interest received will be treated as income in the hands of your wife. This interest income should be declared in ITR & tax, if any, should be paid.
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i had purchased flat in 2006 for 3.6 lacs on my spouse name and sold in nov2024 for 14 lacs .money received on spouse name .i pay tax regularly under 30% bracket. spouse does not cross taxable income tax limit. Do i may LTCG tax and option if any to save tax? can I gift this to son or any thing else pl advise?

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Section 54 - If old asset sold was residential house
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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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