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Asset division and its tax implications is one of the most complex aspects of divorce. Failure to anticipate the tax effects of the settlement can spell financial disaster for your clients for years to come. This short legal guide sums up the most crucial information you'll need to get the true financial picture of each case and to incorporate tax factors in the divorce settlement. Order today! PAUL F. His practice concerns fiduciary and business litigation, contested and uncontested probate and guardianship matters, as well as estate and business planning. His litigation practice focuses on resolving estate and trust disputes, as well as representing closely-held and middle-market businesses. Tax Implication Of Capital Assets

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Tax implications of NRI transferring money to wife's bank account in India. Font Size Abc Small. Abc Medium.

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Abc Large. Getty Images Short-term capital loss on equity oriented mutual funds can be set-off against long-term capital gains of debt mutual funds. I am an NRI, but my wife and child are residents in India. However, as your wife is an Indian resident she is entitled to open a Sukanya account for an Indian girl child and become the guardian.

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For the financial yearI incurred short-term capital loss on redemption of equity funds worth Rs 1,53, and long-term capital gain on redemption of debt mutual funds worth Rs 3,50, Can I write off the short-term capital loss against the long-term capital gain? There is no restriction on the type of mutual funds for setting off capital losses. The taxable long-term capital gains shall be Rs 1,97, set off of short-term capital loss of Rs 1,53, against long-term capital gains of Rs 3,50, Disclaimer: The opinions expressed in this column are that of the writer.]