Gift of shares

dear shweta,

please be clear about what you are asking..... the question carries no meaning... how can someone "sell by way of gift"......

cheers

ganesh agarwala

Mr. Ganesh, i mean to say that it is a transfer by way of gift. Now if u understand my query and know the answer, then reply.

Dear Shweta,

at first i am sorry i dont mean to insult you, now as far as toyr query is concerned as per section 47 of the income tax act any trnsfer of gift to relative is exempt from tax provided such assets is held as capital asset by the assessee. and relative includes husband and son.

so in your case the transfer will be totally exempt from tax. and cost of accusition will be that of the previous owner who have actually purchased the capital asset. the answer remains unaffected whether such shares are quoted or un quoted.

cheers

ganesh agarwala

Agree..

Ganesh rocks