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POSTED BY ON January 14, 2015 8:09 pm COMMENTS (4)
Hey,
We in India have tradition of giving cash in any function we go. So my question is if we can gift MF units(shagan) in some form to our friends, relative(non-blood relation) ?
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Even I had this question from long time. After seeing your post, I had dropped an email to ICICI relational manager. Will let you know his reply.
Its actually a great thought 🙂 . You can surely gift mutual fund units, but then how do you want to do that, I mean buy units in your name and then transfer it to someone ? That would be a bit tough .
The best thing would be to help someone buy the mutual fund and then give them the equivalent cash . This way it would be very easy to execute . Like I can tell my friend, You buy mutual funds worth Rs 30,000 and then I will transfer the same to your account .
Manish
Can we know, what would be the tax implications. I transfer some amount around 15k per month to my wife account and then purchase MF(Balanced Funds/Liquid Funds) from my wifes account.
My question, how the income generated from Funds would imply on taxation
It will be treated as your income and you will pay tax