Can my mother gift her equity shares to me without involving any tax implication to her or me?
4 Replies
shikhar
(LEARNER )
(1394 Points)
Replied 17 January 2013
YES FRIEND YOUR MOTHER CAN GIFT U HER EQUITY SHARE WITHOUT ANY TAX IMPLICATION..........BECAUSE AS PER SEC 56(2)(VII), A GIFT IS RECIVED BY RELATIVE (MOTHER) CANT BE TAXED IN INCOME TAX....................AND (AT TIME OF SALE) IF ITS HOLDING PERIOD IS MORE THEN 1 YEAR THEN , IT SHOULD ALSO BE EXEMPTED FROM TAX, AS LONG TERM CAPITAL GAIN,
CA D.C. Bansal
(Accounts Head)
(283 Points)
Replied 18 January 2013
As gift tax has been abolished and sec 56 does not cover the gift from the relatives. Hence there is no tax Implications on this transaction.
R S B
(C.A FINAL)
(91 Points)
Replied 18 January 2013
As per sec 56(2) (vi) &(vii) any gift received from relative(include mother)in cash Or kind shall be exempt from any tax implication.Please refer the link below:
Attached File : 760343 1118385 gifts under income tax act.pdf downloaded: 184 times
Recent Topics
- Section 194 J Technical Service/Professional Servi
- Solving of Export Related Problems
- Need your valueble insight.
- Softex For freelancer ?
- GST ON REIUMBURSEMENT ENTRY ON GST PORTAL
- Missing invoice in gst
- GST on consultancy
- Linking adhaar to UAN without employer
- WHETHER ITC REVERSAL TH. GSTR 3B OR DRC03
- Advance Tax For Freelancers
Related Threads
CAclubindia
