Hi…
Myself, Ram and my brother Shyam maintain a Joint Demat account with myself Ram as First Holder and my brother Shyam as second Holder. The NSDL Demat account is with Stock Holding Corporation of India.
I like to transfer ONLINE some holdings from this Joint Demat account to my brother Shyam's Demat account in which he is SOLE Single Holder.
Found these options under "Trade Reason" - (a). "Transfer to Own Account" (b). "Gift" (c). "Transfer between Specified family members" .
1. My doubt is whether can I off-market transfer stating Trade Reason as "Transfer to Own account", since my brother Shyam is second holder from where the share are to be transferred?
2. Second doubt is whether should I select Trade reason as " Gift" and family relation as "Brother ( including Step Brother)?
Can anyone please enlighten me the income tax implication on off market transfer by selection "Transfer to Own account" and " Gift" ?
Interestingly when tried to do Online off market transfer by selecting Trade Reason as "Transfer between Specified family members"... this off-market transfer is declined stating reason as "Please submit physical DIS for this off-market trade Reason"
Regards,
CAclubindia
