i m 19years old..i have RS.50000 Shares cost of shares is Rs5000...now i want to transfer all the shares to my sister(age 22)without any consideration...now what is the tax liability to my sister...her cost would be RS.0..???or Cost would be RS..50000..??or Rs.5000..????Please reply
1 Replies
Manoj Pandit
(student)
(139 Points)
Replied 24 August 2013
Donee's cost of acquisition will be same as of the cost of acquisition by the donor u/s49(1) of it act,1961. Though it's not taxable in the current a.y. of transfer as it is transfer/receipt without consideration from relative. Tax treatment of capital gain comes into picture when donee transers it.
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