hi @Quicko ,
in last financial year, i have received 5 mutual fund portfolio from my wife through off market transfer, after few months in the same financial year, i have sent 1 mutual fund portfolio back to my wife, no mutual fund units were sold in the previous financial year. How to report the transfer on ITR form?, as i have received value (say 10 lakhs) from my wife and transferred value (say 2 lakhs) back to my wife account through off market demat transfer.
My questions:
- Do i need not mention the transaction as no realisation was involved?
or
- Do I need to mention 10 lakhs in exempted income ,as gift is received from spouse?
or
- Do I need to mention 8 lakhs in exempted income [after netting] ?
help is greatly appreciated. Thank you
Hey @A_K_RAGHAVENDRAN,
Yes, mutual funds received by you from your wife worth â‚ą10 lakh have to be reported as gifts received in the ITR form. However, there will be no capital gains on the same and the income will be exempted from taxes.
Moreover, you cannot net off. Your spouse needs to report â‚ą2 lakhs as a gift received in their ITR.
Hope this helps!
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I wish to know about off market transaction…My case is if i transfer shares from Mr A to Mr B but forget to put payment details in cdsl easiest portal…what will be the consequences…Are we suppose to pay any duty when we do off market transaction…if yes , how can i correct it
Another question is can we do off market transaction of listed shares at price below fair market value with relativess…
@Quicko I wish to know about off market transaction…My case is if i transfer shares from Mr A to Mr B but forget to put payment details in cdsl easiest portal…what will be the consequences…Are we suppose to pay any duty when we do off market transaction…if yes , how can i correct it
Another question is can we do off market transaction of listed shares at price below fair market value with relatives…