spouse
The gain actually belongs to the spouse who provided the capital to make the investment, regardless of the legal ownership of the account. You are not free to choose how to allocate the income for tax purposes.
How do you split capital gains tax on a joint account?
Joint account earnings can be split 50/50 or in whichever proportions as the joint account holders agree. If you report 100% of the capital gains, then your fiance does not report anything on her tax return.
How is short term capital gain on shares calculated?
The short term capital gain on shares is illustrated in the table below – Thus, the short term capital gain acquired by Mr Dutta on the sale of equity shares is Rs. 14,775. Short term equity gains on shares are taxed under Section 111A of the Income Tax, 1961.
How is short term capital gain taxed in India?
Therefore, in the illustration above, Mr Singh is liable to pay a short term capital gain tax of Rs. 1,32,444 on the transfer of equity shares for the assessment year 2018-19. In case of loss incurred from short term gain shares, it is set off against the gains from transfer of any other such asset.
How to file a capital gain tax return?
Income from winnings of a lottery, horse race, gambling, etc. under the head of other sources. Both short and long-term capital gains/losses from the sale of property/investments/securities. (if there is only long term capital gain exempt u/s 10(38) then ITR-1 can be filed)
How is a capital gain calculated in a mutual fund?
Transfer of units of a mutual fund from one plan to another pursuant to consolidation of plans within scheme of mutual funds. Computation of capital gain depends upon the nature of the capital asset transferred during the previous year, vis-à-vis, short-term capital asset, long-term capital asset or depreciable asset.