A
Aradhana Zomawi David
Hi! I had a query. Can a partnership firm have subsidiary firms?
Facebook
Twitter
Linkedin
In my opinion, a Partnership Firm cannot be a partner in another firm.
T&C applyN
Nagarajan M
A homemaker wife sells the gifted shares (by husband)without any gain. She re-invest the amount in F&O and makes some profit. Will this profit come under wife’s income or husband?
In this case, asset transferred was shares, and subsequently form of asset is changed to F&O, so any income arising from F&O will be clubbed with income of transferor i.e. Husband. Refer Section section 64(1)(iv) of Income tax act
Nagarajan M 23 Mar 2022Thank you for the reply. But the asset was sold (shares) without any gain.
CA Gaurav Garg 23 Mar 2022Yes, shares were sold, if there would have been gain, then capital gain provision would have been attracted. But in your case original asset was shares and you have converted it into cash (another asset) and that cash is invested in F&O, so income arising from F&O will definitely be clubbed with Husband income and if there would have been loss then, that also be clubbed with Husband income.
Nagarajan M 23 Mar 2022I have read the said paragraph of income tax act. Now I understand. Thank you so much
24 Mar 2022I have read the said paragraph of income tax act. Now I understand. Thank you so much
T&C applyN
Nagarajan M
A homemaker wife sells the gifted shares (by husband)without any gain. She re-invest the amount in F&O and makes some profit. Will this profit come under wife’s income or husband?
N
Nagarajan M
A homemaker wife sells the gifted shares (by husband)without any gain. She re-invest the amount in F&O and makes some profit. Will this profit come under wife’s income or husband?
N
Nagarajan M
A homemaker wife sells the gifted shares (by husband)without any gain. She re-invest the amount in F&O and makes some profit. Will this profit come under wife’s income or husband?
