i have a query:
IF Mr A WANTS TO TRANSFER SHARES TO HIS SON CAN HE TRANSFER IT AS A WAY OF GIFT??
CAN TRANSFER OF SHARES IN KIND ALLOWED??
ITS URGENT
praveen
(Chartered Accountant)
(6971 Points)
Replied 04 May 2010
yes anything can be transferred as gift.
shares are almost readily convertible to money and is like any currency and can be transferrable as gift.
CA Dhiraj Ramchandani
(CA, M. com)
(10823 Points)
Replied 04 May 2010
Pinkush, though shares can be transferred as gift, but mind it that while selling it to third party.., cost of shares will be taken cost to the previous owner, i.e the person who gifted them
CS Mayur Buha
(Company Secretary)
(238 Points)
Replied 04 May 2010
As per Income tax Act, 1961, in case of Gift, the cost of capital would be considered the cost of privious owner. and as per co. law no needs to ascertain the cost of capital.
Parth - CA,CS,CMA
(Learner)
(406 Points)
Replied 04 May 2010
Yes they can be gifted... And as far as they are gifted to relatives, the transaction of gift is not taxable.. If they are gifted to person other than relative, it's taxable after 1st Oct., 2009
Pradip Narsingani
(Income Tax & GST Consultant/ CA-Final)
(572 Points)
Replied 04 May 2010
yes he can./././ not only share, you can tarnsfer any thing as gift
CA Devanshi Gandhi (Ajani)
(FCA DISA Mcom CIFRS & LLB)
(9058 Points)
Replied 04 May 2010
yes it can be transfer as gift
keshav singh
(Chartered Accountant)
(33 Points)
Replied 05 May 2010
Yes, Share can be transfer as gift,
@*CS Siddharth Bumb. *
(B.Com, CA Final, CS )
(5270 Points)
Replied 05 May 2010
yes agree with dhiraj
pinkush
(cs)
(34 Points)
Replied 07 May 2010
Ankit CA and CS
(Manager - Accounts)
(204 Points)
Replied 07 May 2010
Shares can be transferred as gift. But there is an exception to this theat shares transferred should not be sweat equity shares.. as it will be regarded as transfer u/s 45 of IT Act.
shradha
(self employed)
(21 Points)
Replied 31 January 2011
hi, sure, but can a company gift shares?
CS Snehal
(Compliance Manager)
(346 Points)
Replied 31 January 2011
If the person wants to transfer the shares to his son through Gift Method, the same should be gifted by the way oF GIFT DEED ; and on a Rs. 100/- or Rs. 300/- stamp paper.
Apurv Hirde
(accountant)
(30 Points)
Replied 05 February 2011
Yes Shares can gifted their no income tax on such tranfer.
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