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Cheating Spouse - Financially - By Husbands

Discussion in 'Snippets of Life (Non-Fiction)' started by Thyagarajan, Mar 9, 2023.

  1. Thyagarajan

    Thyagarajan IL Hall of Fame

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    Cheating Spouse - Financially - by Husbands
    How to secure your hard-earned money as well as your financial future, why money makes big and small liars out of most of us, tax implications on transfer of property to children, how to choose the right motor policy… all this and more in this edition of Wealth+
    Is your spouse duping you financially?
    (Copied from Economic Times E-mail to me)

    How to secure your hard-earned money as well as your financial future, why money makes big and small liars out of most of us, tax implications on transfer of property to children, how to choose the right motor policy… all this and more in this edition of Wealth+Is your spouse duping you financially?[​IMG]

    Every year, around Women's Day, there is a predictable spate of articles on crime against women. But though violence, sexual harassment and dowry demand cases get reported in the media, incidents of women getting cheated by their spouses rarely find their way into newspapers.

    It is common for wives to blindly sign documents, lend money to their spouses or contribute to the purchase of assets in the name of their husbands. They often end up losing this money if the relationship breaks down, resulting in severe financial hardship for the women.

    It is not easy to decipher the intentions of a man before trusting him with money, but there are some obvious red flags that a woman should watch out for in a relationship. Some of these red flags are:

    Husband does not contribute to household expenses: Be careful if the husband refuses to contribute to household expenses or children's school fees, saying his business is not doing well. If both spouses are working, both should contribute equally to household expenses in proportion to their incomes.

    All financial investments are in his name: If the wife contributes for financial investments, she should know how and where the money is invested and whether she is the joint owner. Even if a person is not interested in finances, she must have all details about investments and ownership.

    Loan is taken in wife's name for business: As a rule, one should not sign any document blindly. Some husbands take loans on behalf of their wives and leave her with a mountain of debt.

    She contributes to the purchase of property in his name: It's best to have joint ownership where both the spouses are contributing to its purchase. This will not only safeguard the interest of the wife, but also give higher tax deduction on loan interest.
    How to secure your hard-earned money as well as your financial future, why money makes big and small liars out of most of us, tax implications on transfer of property to children
    QUERY CORNER
    Will my son get taxed if I transfer property to him?
    [​IMG]
    My son will inherit the properties I own. To save him the trouble of getting transfers done after my death, I am thinking of transferring one of the properties to him during my lifetime. What will be the tax implications for him on getting the property by a will versus as a gift?

    Amit Maheshwari, Partner, AKM Global, answers the query: Any transfer of capital asset attracts capital gains in the hands of the transferor for tax purposes. However, capital assets transferred as a gift or as will are not considered transfer for the purpose of capital gain in India. Hence, a property transferred by you to your son as a gift would not qualify as a transfer and there are no tax implications in your hands. Further, a receipt of a gift being an immovable property is taxable in the hands of the recipients except in case such a property is acquired as a gift/ under a will from a relative. As a father is covered under the definition of a relative, hence, any property received by your son is exempted from tax in India. The same will apply in case of a will as well. If the transfer deed is a gift, it is to be compulsorily registered whereas in case of a will, registration becomes optional at the hands of the testator (the father).
     
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  2. swarnamary

    swarnamary Gold IL'ite

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    In india especially when i was young my mom use to sign whatever my dad and grandpa use to ask... nothing wrong happened but in india mostly that is that happening even now i guess..wives of cunning husband need to pay attention.ALL our ladies here from everywhere are smart enough not to fall for traps like this and educate others they know about this issues...:clap2::clap2::clap2:
     
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  3. Thyagarajan

    Thyagarajan IL Hall of Fame

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    :hello:Thank you @messedup for your visit here.
    I do remember you & I as well are agog to know result of interview. Hope your dream elevation in career comes through. Trust your boys are in robust health and doing well in studies.
    Regards
    God continue to Bless your family & you.
     
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  4. HariLakhera

    HariLakhera Platinum IL'ite

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    The times have changed but not to such a bad extent where husbands have to financially cheat on their wives. Till the other day, all assets were in the name of the husbands. Now bank accounts and other assets are in joint names in most cases.
    Till the other day, only husbands earned and wives managed the household. Now both are earning and have separate bank accounts, joint.
     
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  5. Thyagarajan

    Thyagarajan IL Hall of Fame

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    Indeed. But when it comes to buying huge assets like real estate and or acquiring equities, young-wives that includes working ones are invariably cheated at least in Tamil Nadu.
     
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  6. messedup

    messedup Platinum IL'ite

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    :worship2:Thanks for the blessing. Chances are less but still hoping. Will inform as I get to know. :blush::worship2:
     
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  7. Balajee

    Balajee IL Hall of Fame

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    Nowadays husbands have woken up. To keep taxmen at bay, they use wives as benami property holders.
     
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  8. HariLakhera

    HariLakhera Platinum IL'ite

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    Sorry to hear that. On the contrary, it is always an excellent option to gift some wealth to the wife and reduce tax liability as an individual.
     

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