January 14, 2015 8:09 pm
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) ?
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 .
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
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