My wife used to work earlier but now she is a housewife; she has her own trading account and we have been trading through it and she has also been filing her income tax returns for many years. Whatever money was currently invested was his own, which he got from his job, from his parents and some money from gifts on festivals. But in the current year, I, her husband, transferred my money directly from my bank account to her broker's account through which she traded. She had contributed nothing. I will also let you know that this trading account is separate from the earlier one.
1. Who will be liable to pay income tax on the profits arising from this?
2. If I withdraw my share from her, will the entire income tax liability be on the wife only?
3. Since I have deposited the money directly into my wife's broker account, can it be considered as a loan given to my wife?
A.Dear Client,
The income has to be computed according to their respective heads to calculate the taxable amount. It is important to analyze the intricacies involved in computation to answer the query precisely. It is advisable to contact a tax lawyer or a chartered accountant to guide you through the receipts and provide an appropriate legal remedy.
Hope it helps.
Thank you.
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Income Tax
Income Tax
