Minor to major - shares case
This query is : Resolved
16 January 2011
Hi, I'm a salaried guy but do little bit share trading, i'm having a query its that
When I was minor, some shares were purchased in my name....now I'm major(more than 10 yrs)...so how these shares will be treated? (gift / loan / some other)whats the tax issue in this case...also when i sell them where will this be shown?
As well as how can I re-transfer it to my guardian who purchased it in my name?
When I was minor, some shares were purchased in my name....now I'm major(more than 10 yrs)...so how these shares will be treated? (gift / loan / some other)whats the tax issue in this case...also when i sell them where will this be shown?
As well as how can I re-transfer it to my guardian who purchased it in my name?
17 January 2011
First you have to decide the ownership and amount invested.
*
As your guardians have invested the amount in your name, you may treat it as Gift received from them, provided that they had not taken it otherwise, in their returns.
*
As these shares are long term capital asset and on sale entire capital gains will be exempt.
*
If you re-transfer them to your guardian
then it will be treated as gift, in these circumstances.
*
As your guardians have invested the amount in your name, you may treat it as Gift received from them, provided that they had not taken it otherwise, in their returns.
*
As these shares are long term capital asset and on sale entire capital gains will be exempt.
*
If you re-transfer them to your guardian
then it will be treated as gift, in these circumstances.
Guest
Guest
(Expert)
17 January 2011
i agree with Mr. Bafna but these shares should be listed shares.
19 January 2011
Thanks a lot Mr. Bafna for replying to my query...It did resolved my question.
But I did not understood your line "First you have to decide the ownership and amount invested" !!
for this I don't have the old records as this transaction is more than 15 years ago. so what should I do? how should I treat this - gift / something else?
(also, just for knowledge...what will be my Tax liab. if I return these shares under gift to my guardian?) pls note, these are listed shares on a Stock exchange.
But I did not understood your line "First you have to decide the ownership and amount invested" !!
for this I don't have the old records as this transaction is more than 15 years ago. so what should I do? how should I treat this - gift / something else?
(also, just for knowledge...what will be my Tax liab. if I return these shares under gift to my guardian?) pls note, these are listed shares on a Stock exchange.
20 January 2011
Amount invested will be required for the purpose of computing the actual amount of LTCG on shares. As LTCG on shares on sales of which STT has been paid , is now exempt
yet cost of shares purchased by you has to be shown.
By Ownership, I meant that , whether your guardian is including these shares in his investments or not .
yet cost of shares purchased by you has to be shown.
By Ownership, I meant that , whether your guardian is including these shares in his investments or not .
Guest
Guest
(Expert)
20 January 2011
No tax will be liable , if you gift these shares to your guardian
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Inventory of finished goods
- GST Regis.
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- Sale of property furniture sale
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- RCM INVOICING FROM NOV-2024
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- Clarification on Documentation of Paid-Up Capital Contribution by Directors
- Tds on building rent monthly
- Disallowance of Section 43B(h) to sez units
- As per schedule III of balance sheet how to pass journal entry
- Is correct way to find out capital of individual on 31st March
- Individual capital equal to which assets of balance sheet
- LAST YEAR 2022-23 ITC IN NEXT YEAR 2023-24 REPORITNG IN GSTR-9
- MIS MATCH OF INVOICE NUMBER
- IGST Credit-Show cause notice issued-confusion
- Issue of gst e invoice
- How to adjusted advances given or receipt
- Foreign vendor without PAN unable to to register due to non receipt of OTP on foreign number ?
- 133(6) DIN INVALID format error - ->WHERE TO REPLY 133(6) notice?
Trending Online Classes
CAclubindia
