what tax rate is applicable on profit from share market

Ans: Yes, the profit on investment in the stock market in the name of your wife, who is a housewife, is taxable if the money investment has been provided by you. The income earned by a wife from her investments is considered to be the income of her husband and is clubbed with his income for tax purposes under income tax section 64. However, there are certain exceptions to this rule.

Exceptions to Clubbing of Income rule:-
• If the wife invests from her own personal income, such as income from a part-time job or rental income, and the husband has no control over the investments, then the income from these investments will not be clubbed with the husband's income.
• If the wife invests from her own funds that she inherited or received as a gift, then the income from these investments will also not be clubbed with the husband's income.
• If the wife is an investor and earns income from investing in shares, then this income will be taxed separately at the applicable rates under the Income Tax Act.

Ans: Yes up to 1L on long term capital gains or if your other incomes are NIL , then it is not taxable up to the basic exemption limit