Instrument ?
Krishnamurti
(Querist) 03 December 2013
This query is : Resolved
Dear Experts,
I want to give my non working wife Rs. 10,00,000 in an Account payee cheque and she in turn is giving me Gold Jewellery worth Rs. 10,00,000. Source of both the assets are clean.
What will be the Necessary instrument required to be made as per the existing laws. Its for Taxation purpose.
Thank you for your valuable advice and comments.
Krishnamurti
(Querist) 03 December 2013
Thank you Mr.Devajyoti Barman and Rajendra k for such a helpful comment. And by the way, had it been so, i wouldn't have asked this question in this forum.
Can any other expert give a little hint about the instrumentality of the same ?
R.K Nanda
(Expert) 04 December 2013
agree with experts .
uttamtibrewal@yahoo.com
(Expert) 04 December 2013
Dear Sir....
Your wife will have to pay tax for the amount after deduction(purchase value).
there will be no advantage for taxation purpose for any other way contact me so that full decision can be held....
C. P. CHUGH
(Expert) 09 December 2013
It is nothing but sale of capital asset by one (wife) to other (husband) attracting Capital Gain (Long term/short term depending upon the period of holding).
Vineet
(Expert) 10 December 2013
Draft a sale agreement showing complete details of jewellery and value be reckoned as per price of the day. Hope your wife has records of acquisition of jewellery (you wrote source is clean!!) for the purposes of coumputation of capital gains.
I would advise to involve a jeweller in between. Let your wife sell it to jeweller and then you buy it from him. You will be liable to pay VAT on transaction but it is worth as the transaction will be well documented and rational.
