Transfer of inherited shares to brother and sister
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 November 2016
Dear Sirs,
My father was holding shares in DMat A/c in which I was a second holder. My father has expired. I had submitted my fathers death certificate to the DP and the shares / Dmat A/c have been transferred in my name thru transmission process. As these shared were of my father, I want to divide / transfer the shares to my brother and sister, for which I was advised to transfer them to their DMat A/c under off-market trade.
I would like to know will this transfer be treated as my sale of shares, and if yes, will I have to show this sale as my income and pay income tax on it ?
Please advice the suitable process of dividing / transferring these inherited shares from my father between my brother and sister.
thanking you in advance
My father was holding shares in DMat A/c in which I was a second holder. My father has expired. I had submitted my fathers death certificate to the DP and the shares / Dmat A/c have been transferred in my name thru transmission process. As these shared were of my father, I want to divide / transfer the shares to my brother and sister, for which I was advised to transfer them to their DMat A/c under off-market trade.
I would like to know will this transfer be treated as my sale of shares, and if yes, will I have to show this sale as my income and pay income tax on it ?
Please advice the suitable process of dividing / transferring these inherited shares from my father between my brother and sister.
thanking you in advance
28 November 2016
Legacy received from father is not taxable.
In your case you have transferred the shares belonging to your father to your brother and sister this transfer is not a sale and you don't need to pay any income tax on it.
VK
In your case you have transferred the shares belonging to your father to your brother and sister this transfer is not a sale and you don't need to pay any income tax on it.
VK
20 November 2021
Prepare settlement deed & transfer the shares offline, with stamp duty paid.
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
- Is this income indian or foreign income?
- REGARDING GST ON COMMERICIAL PROPERTY
- 15ca /15cb whose income tax login? remitter or nri seller's login?
- Regarding Documentation & Compliances for Opening of Unit of Pvt Ltd.
- RCM applicability on Rent Paid by Registered Person to Unregistered Landlord for Residental Building
- GST on export of services and Input Credit
- ITC temporary reversal and reclaim
- TDS U/S. 194NF
- Applicable TDS rate for sale of property in Nov 2024
- Tds on building rent monthly
- 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?
- Query for dubts
- Regarding einvoice taken on nil rated sales
- Strategical investment in Public listed company
Trending Online Classes
CAclubindia
