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[TFL]

18 years of age

I like to review the question:

Up to how much time the income generated from GIFT is clubbed to the GIFTed party.
If the Gifted party is my Father/Mother/Wife.

Thank you,

 

[magnet]

I like to review the question:

Up to how much time the income generated from GIFT is clubbed to the GIFTed party.
If the Gifted party is my Father/Mother/Wife.

Thank you,

E.g If your son or daughter u gift some amount and he or she is less than 18 years of age.....that amount will be counted as yours not of your kids(its club to parents account)...18+ its counted in that persons return not yours..i.e is your son or daughter...

I guess husband cant gift his wife but via(via source)it can be done(husband to his mother ...mother to his daughter in law or something like that....u can search this thread i guess diosys sir have replied that)

Income generated from gifted amount is club that year if the concern party is less than 18..if even after that year the person is below 18 than again the interest earn on it is added to your income...your kids and u both are one entity....just considered it as separate savings account in another bank u have money in it u earn interest but not using that account..hence its added in your tax income

 

[TFL]

Diosys,

I know there are many questions from my part. I will try to put a limit over it.
The below is an important question:

I leased an office space for stocks and derivatives trading business ALONE in my city which is actually owned by my Father & Mother jointly.

I know it will be a sole propritship cncern. But my doubt is

1. Do I need to register this sole propritship cncern ?
2. If yes, under what catogery ?
3. In the lease agreement what I can write in place "for what I'm leased to"
4. Also, If I don't want to specify anything regarding my derivatives trading business in the lease agreement and just keep it as my personal office alone how I can write in place "for what I'm leased to" in the lease agreement.

Thank you.

 

[diosys]

Yes, people who have a turnover of more than 60 lacs in current year. Turnover will include the total value of shares bought in FNO. In case of options it shall be (strike price*quantity+ premium) and for future it shall be (strike price*quantity).

RJAIN

If you are asking a question then its different...but if this is an opinion then it seems wrong according to me...

 

[diosys]

E.g If your son or daughter u gift some amount and he or she is less than 18 years of age.....that amount will be counted as yours not of your kids(its club to parents account)...18+ its counted in that persons return not yours..i.e is your son or daughter...

I guess husband cant gift his wife but via(via source)it can be done(husband to his mother ...mother to his daughter in law or something like that....u can search this thread i guess diosys sir have replied that)

Income generated from gifted amount is club that year if the concern party is less than 18..if even after that year the person is below 18 than again the interest earn on it is added to your income...your kids and u both are one entity....just considered it as separate savings account in another bank u have money in it u earn interest but not using that account..hence its added in your tax income

Everything said by magnet is correct...just like to add that he has stated that "via" route is not all fool proof... If caught then that transaction can easily be called as a sham...though practically it being caught is remote.

 

[diosys]

Diosys,

I know there are many questions from my part. I will try to put a limit over it.
The below is an important question:

I leased an office space for stocks and derivatives trading business ALONE in my city which is actually owned by my Father & Mother jointly.

I know it will be a sole propritship cncern. But my doubt is

1. Do I need to register this sole propritship cncern ?
2. If yes, under what catogery ?
3. In the lease agreement what I can write in place "for what I'm leased to"
4. Also, If I don't want to specify anything regarding my derivatives trading business in the lease agreement and just keep it as my personal office alone how I can write in place "for what I'm leased to" in the lease agreement.

Thank you.

for running a proprietorship nothing is required to be registered....

Rest pertaining to that leased question i am unable to understand it since there can be many lease agreements and there is no standard format hence i am not aware which one are you using....

though generally in a lease agreement it is not necessary to mention for what purpose it is being given

 

[TFL]

I guess husband cant gift his wife but via(via source)it can be done(husband to his mother ...mother to his daughter in law or something like that....u can search this thread i guess diosys sir have replied that)

Everything said by magnet is correct...just like to add that he has stated that "via" route is not all fool proof... If caught then that transaction can easily be called as a sham...though practically it being caught is remote.

You mean gifting to wife is not possible? Then how can it be called?

My actual question is not how to gift to my wife but upto what time it will be clubbed.
For example:
She generate some income from the gift and it will be clubbed to mine.
If she again generate income from the same amount(gifted amt) will it be clubbed and upto what time it will continue?

Will all the above will be same if my father gift to my wife?

 

[alroyraj]

Note :
With effect to the SEBI circular No MIRSD/SE/Cir – 19 / 2009, dated 03-December-2009 , submission of documentary evidence of financial details is mandatory, hence you are requested to annually submit your Latest ITR along with computation of Income (incase of non individual for last 2 years)/ Copy of Annual Accounts (last financial year for individuals, last two financial years for non individuals)/ Latest Form 16/ Net worth certificate/Latest Salary Slip/Bank account statement (for last 6 months)/Demat account Holding statement/Any other relevant documents substantiating ownership of assets/ Copies of the balance sheet for the last 2 financial years & latest share holding pattern including list of all those holding more than 5% in the share capital of the company, duly certified by the company secretary / Whole –time director / MD. Please also intimate any change in your Mailing Address/Phone No/Email ID/Bank details to keep your records updated with us.

What does all this mean as an individual trader? Isnt it all intrusive and complicated?

 

[diosys]

You mean gifting to wife is not possible? Then how can it be called?

My actual question is not how to gift to my wife but upto what time it will be clubbed.
For example:
She generate some income from the gift and it will be clubbed to mine.
If she again generate income from the same amount(gifted amt) will it be clubbed and upto what time it will continue?

Will all the above will be same if my father gift to my wife?

It will be clubbed life long....

Hence suggested that route that you gift to your wife's mother and she in turn gifts her daughter.....but be careful with this transaction.... If caught then most certainly it would be treated as sham.

Yes even if your father gifts then also the provisions attract.

 

[diosys]

Note :
With effect to the SEBI circular No MIRSD/SE/Cir 19 / 2009, dated 03-December-2009 , submission of documentary evidence of financial details is mandatory, hence you are requested to annually submit your Latest ITR along with computation of Income (incase of non individual for last 2 years)/ Copy of Annual Accounts (last financial year for individuals, last two financial years for non individuals)/ Latest Form 16/ Net worth certificate/Latest Salary Slip/Bank account statement (for last 6 months)/Demat account Holding statement/Any other relevant documents substantiating ownership of assets/ Copies of the balance sheet for the last 2 financial years & latest share holding pattern including list of all those holding more than 5% in the share capital of the company, duly certified by the company secretary / Whole time director / MD. Please also intimate any change in your Mailing Address/Phone No/Email ID/Bank details to keep your records updated with us.

What does all this mean as an individual trader? Isnt it all intrusive and complicated?

Law is what law does !!! be it how simple, stupid, idiotic or complicated....