Abhijit Ghosh (Consultant) 13 October 2016
Dear Valued Members,
Mr. X received a gift of 2 lakhs from his father by fund transfer and given a certificate to his son Mr. X stating no futher claim in this gift.
After holding this gift money for 3yrs, Mr. X again gifted this money to his wife without any future claim through cheque. Now his wife invested this in Mutual Fund.
Kindly advice is there any tax implication to Mr. X or his wife and income earned from MF will be added to whom.
Thanks in Advance for your valuable advice.
Kumar Doab (FIN) 13 October 2016
The gift amongst blood/family relation is free from tax.
The donor may reduce the amount of gift from capitol.
The donee may add in capitol.
The tax may be computed on income.
Ms.Usha Kapoor (CEO) 14 October 2016
Your father gifting the money to you through fund transfer by cheque is completely exempt from tax for both donor and donee,. Now the donee after 3years transferring the amount in his name to his wife through gift and she investing thefunds in Mutiul Funds attracts tax if she derives any income from mutula funds as income from other sources in her total income. I mean this mutual fund income she receives will be added to her total income and liable to tax.If you appreciate this answer please click the thank you button on this forum.
Kumar Doab (FIN) 14 October 2016
Your I Tax counsel shall do the needful.
Kumar Doab (FIN) 14 October 2016
------------------------Regret, Posted by oversight.
Hence deleted-----------------------
adv.bharat @ PUNE (Lawyer) 23 October 2016
Agreed with expert.
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