Accounting and taxation....

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mohit pathak (Querist)
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30 June 2010 Situation:-
1) Mrs. X (date of marriage 07/12/2009) transferred following shares on 08/12/2009 to Mrs A (mother), without consideration, in D-mat form…

Scrip Purchase Details MPS as on 08/12/2009
Date Amt
A Ltd 15/02/2008 3000 8000
B Ltd 27/04/2008 7000 12000
C Ltd 15/07/2007 4000 20000
TOTAL 14000 40000

2) Mrs A (mother) further sold shares of A Ltd on 15/03/2010 at gross amount 20000/-

Qus :-
Situation 1:---- 1) Is there any gain / loss need to be calculated …..
2) Is the transfer is taxable in the hands of Mrs. A…..
3) Accounting entries for both side…..

Situation 2:---- Type / Amount of capital gain earned by Mrs. A ….

(Please specify section / provisions / case law / notifications / circulars (if any) in this regard…)

Regards…
Mohit Kr. Pathak

Shudhanshu Agrawal

Shudhanshu Agrawal (Expert)
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30 June 2010 As per Section 49 date of aquisiton will be of the previous owner as this will be a case of gift. Hence income or loss will be taxable in the hands of Mrs A. As the purchase date is more than 12 months before the date of sale, so all the gain will be LTCG.

According to me clubbing provisions will not apply.