Nri shares
This query is : Resolved
23 March 2012
Dear Sirs,
In 1993 My family members bought shares in a newly quoted company in India as NRI quota. We need to sell shares or get shares tranferred? We live in UK therefore we don't possess PAN number? Maybe you could help on procedure involved. Share were issued physically and not through demat account. Which form is needed so all the shares from various family members canbe transferred onto one member and get onto demat account.
Total Value of shares based on today's price exceed £389k
Thank you.
Yashvin
In 1993 My family members bought shares in a newly quoted company in India as NRI quota. We need to sell shares or get shares tranferred? We live in UK therefore we don't possess PAN number? Maybe you could help on procedure involved. Share were issued physically and not through demat account. Which form is needed so all the shares from various family members canbe transferred onto one member and get onto demat account.
Total Value of shares based on today's price exceed £389k
Thank you.
Yashvin
23 March 2012
Dear Yashvin,
There is no bar on sale of shares. Execute the sale deed in form No. 7 if it is in physical form and take the payment from the purchaser. I think the shares are of the listed company. If it is so then the capital gain arising out of sale is totally exempted from tax as you purchased in 1983. If you want to keep the shares for further period then also you have to keep in a demat account if you do not want to open any demat account does not matter you can still hold in physical form. In fact you are not fully clear what you want to do? Any further inquiry may kindly be sent to ssunderagarwal@gmail.com. You have shown your desire to transfer the shares in the name of a single person and to open a demat account. In this case you have to bear the stamp duty on transfer of shares in any individual name.
There is no bar on sale of shares. Execute the sale deed in form No. 7 if it is in physical form and take the payment from the purchaser. I think the shares are of the listed company. If it is so then the capital gain arising out of sale is totally exempted from tax as you purchased in 1983. If you want to keep the shares for further period then also you have to keep in a demat account if you do not want to open any demat account does not matter you can still hold in physical form. In fact you are not fully clear what you want to do? Any further inquiry may kindly be sent to ssunderagarwal@gmail.com. You have shown your desire to transfer the shares in the name of a single person and to open a demat account. In this case you have to bear the stamp duty on transfer of shares in any individual name.
24 March 2012
Could you recommend someone professional who could process the transfer of shares from various names to one name as all the members are based in UK.
03 August 2024
To find a professional to assist with these transactions, consider the following:
International Tax Consultants: Firms with a presence in both the UK and India.
Indian Law Firms: Specializing in cross-border transactions and NRI issues.
Financial Advisors in India: Registered with SEBI or other relevant regulatory bodies.
Contact Information:
For professional services, you might start with firms like:
KPMG India or Ernst & Young India: Known for handling NRI taxation and financial matters.
Local Chartered Accountants or Legal Firms in India specializing in share transfer and demat services.
International Tax Consultants: Firms with a presence in both the UK and India.
Indian Law Firms: Specializing in cross-border transactions and NRI issues.
Financial Advisors in India: Registered with SEBI or other relevant regulatory bodies.
Contact Information:
For professional services, you might start with firms like:
KPMG India or Ernst & Young India: Known for handling NRI taxation and financial matters.
Local Chartered Accountants or Legal Firms in India specializing in share transfer and demat services.
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