I have gifted the shares to my spouse. I like to know what information should be mentioned in ITR. Consider the below arbitrary example for considering the taxation.
Purchased 50 shares @ 2000 on 01/01/2020 by me.
gifted 50@4000 on 01/01/2021 to the spouse.
Sold 50@5000 on 01/02/2021 by the spouse
Capital gain will be 50 * 3000 = 150000
Now, this 150000 as capital gain will have to club under my income and it will be LTCG.
What will be the spouse’s income in such a case? Is it 150000 or 50 * 1000 = 50000.
What information wife has to show while filing ITR?
Like 50*4000 as exempt income and what about the capital gain?
Next time gain arises by investing 150000 or 50000, I do not want to club it with my income. Is it possible?