Transfer of shares

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

02 September 2011 HELLO FREINDS
HAVE A QUERY REGARDING TRANSFER OF SHARES.MY BROTHER INTENDS TO TRANSFER HIS SHARES TO MY NAME AS GIFT IN CURRENT FINANCIAL YEAR.KINDLY ADVICE THE IMPLICATIONS FROM TAX ANGLE.IN CURRENT FY HE HAS INCURRED A LOSS OF RS 80000.HOW WILL IT GET REFLECTED IN MY BROTHER'S I.T. RETURN.IF SHARES ARE TRANSFERRED TO MY NAME HOW WILL IT GET REFLECTED IN MY RETURN AND IN HIS RETURN TOO..QUICKLY REPLY IS HIGHLY APPRECIATED..THANKS IN ADVANCE..

CS Bijoy

CS Bijoy (Expert)
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03 September 2011 In case of transfer as gift just a gift deed is required to prepare.

Income tax will not attract because no consideration is received.

Querist : Anonymous

Querist : Anonymous (Querist)

03 September 2011 thank you sir..but i wanted to know how would it get reflected in both assessee's return and also the current year loss of Rs 80000 should be shown in whose name..need to be clear in these points...thanks..

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