my father had purchased shares in physical format in 1991,(ie purchased without STT) since then he has not sold any share,those shares have now been converted to demat.
now he wants to gift a substatial amount of shares to me,so the query is
1.what will be the tax liabiluty on my father on gifting to me
2.what is the purchase price for me and sale price for my father of the shares
3.now if i sell these gifted shares of my father after 1 year from the date of gift ,what will be the tax liability on me and my father?
4.does the assesing officer have any right to query on these shares as the amount is substantial?
CAclubindia
