 #1 Is this some kind of set up?? would u still get married? |
i really love my man of 11 years and we always wanted to get married but i always pushed things back because i am worried what it will do to me financially to take his name.
as i see, ... |
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Additional Details
i claim head of household and 2 on th ... |
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Raghav | Income tax query ? |
Hi all, I have a query, My wife is housewife & she doesn't have any source of income. I have opened
an icici bank a/c for him and transferred money from my a/c. She have her Pan number, so she opened demat a/c and invested money in stock market and gained profit around 30K.
Please let me know should she have to pay income tax? If yes then, she has to pay income tax on only in profit earned from stock market or whole money in her a/c. |
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Ray (VU3ORN)
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She have to pay income only on her income (in this case income from Share trading).
What she received from you, she can treat this as a loan received from you. And when she will have sufficient fund, then she can return back to you. So that her loan account will be zero.
Otherwise she can show that amount (which he received from you) as income. But in this way she have to pay more income tax to the Govt. But you will not get any benefit from this type of transaction, if you are a salaried person. |
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Amit S
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Only on the profit. The tax will be zero if Rs 30,000 is her only income. |
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CA,S K somani
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Hi
I hope you find the answer. The amount given by you to your wife is interest free loan and not a gift .
The income from stock mkt is treated as income of your wife and shall be taxed only if the short term capital gain would be more than Rs 145000 PA
in case any doubt pls sent your mail to me at su_somani@yahoo.com |
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♥ Kalra®™
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During the current financial year i.e. 2008-09 the taxable income in case of a woman is Rs.1,80,000/- and you have so far made only Rs.30,000/-.
If your wife during this financial year gain more than Rs.1,80,000/- only then she would be liable to file her return of income tax and to deposit taxes if any.
Kalra |
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Prasanth
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Immaterial of the income tax slabs, you "have' to pay the 10% tax (for FY2007-08) or 15% tax (for FY2008-09 assuming the budget proposals will be passed without someone tearing the budget papers) on net profit/loss (i.e. if your wife has made 5000 profit on one scrip and 2000 loss on another, then your tax liability is for 3000 only); do note that this profit/loss is applicable only for short-term gains - less than 365 days.
Your total tax liability will be (net capital gain + 3% education cess).
In effect, the tax in only on her 'net' profit earned through sale of scrip. You can download the calculator at http://prrajan-tax.blogspot.com/2008/03/indian-income-tax-calculator-for-fy2008.html and use the "Capital Gains" page to check your tax liability for FY2008-09. |
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Mohan
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If the gains are taken as her own, then no tax payable as the income from shares for her are less than the tax free income. (Tax free income for women for Financial Year 2007-08 is Rs.1,45,000)
But there is a chance of adding your wife's income to your income as the funds are given by you and your wife will be a binami account to you.
Please note that the tax will be collected only on the income earned and not on the investment. (Not on the money in her account.) |
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delta
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if her income from the stock market is less than 1,80,000 during the full financial year 2008-2009 then no tax is to be paid by her. |
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mahadev_chavali
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first make sure that the money transferred by u is tax suffered already. n if ur income also below taxable its ok. n the the earning on the shares is called is capital gain. n her income on shares is below taxable. so no need to pay tax. |
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Jss
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For financial year ending March 31, 2007, for men the exemption is Rs. 1,10,000 and for women it is Rs. 1,45,000.
So your income is much below the taxable amount.
Read income tax rates:
http://mytaxes.in/index.php?board=5.0 |
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