07 October 2022
Dear Experts, My father gifted shares by transferring through off-market mode and stating the reason as Gift against the code. On receiving transaction statement find that they - DP (ICICI) mentioned only the account Nos. Vice-versa in narration without mentioning as Gift. Does this transaction invite scrutiny from the I T Department considering it as an off-market sell and levy tax at higher rates. Brought to the notice of DP but said they don’t mention. Previously they used to mention in statements and find that for all other off market transactions they ask to mention the reason code and type and same gets reflected in statements.
07 October 2022
Thank you Sir! … but which documents to hold as we did the transaction/ transferred the shares online through their e-instruction portal
07 October 2022
Didn’t quite get your point Sir. We have transferred Off-market without knowledge of our Stock broker online. Our’s is a plain Demat Account held with ICICI Bank DP. We have kept ready Gift letters , also of acceptance. But point is if they mention in narration a simple word Gift as they do for all other types it will ease the process.
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