Tax implications on transfer of trading account

374 views 4 replies

I had a trading account with Karvy. A few years back Karvy was shutdown due to violations and they transferred the account to IIFL. 

This account with Karvy was held jointly with my wife (wife - 1st applicant and myself as the second applicant).

I already have a trading account with IIFL (soley owned by me but my wife is a nominee).

I would like to transfer the securities from the IIFL account (jointly owned) to my other IIFL account (solely owned by me).

Would there be any tax implications if I transfer the securities?

If so, are there any other options?

Thank you!

Replies (4)

As such it may not be sell transaction, but you need to pay STT while transfer, and as such there will be reporting of the transfer of shares of particular value.

Now, you will be required to reply to ITD about its transfer between same PAN, in case of inquiry.

Thanks for the response.

It's not transfer between same PAN, it would be from my wife's PAN (jointly owned with my PAN)  to my PAN. 
Who has to pay STT, me or my wife? 
Other than this, do I or my wife have to pay any taxes. I am not planning to sell the shares (after the transfer) at least for a year or so. Would the cost basis be the market price on the date of the transfer?
 

1. Do you have any evidence about her contribution in investment?

2. Yes, date of transfer if sale transfer; otherwise original purchase date.

1. These were purchased some 20 years ago by me as joint (my wife - 1st applicant, me - 2nd applicant).
It doesn't matter who pays STT as the amount should be very small.

2. It's not a sale transfer, So, I guess its original purchase date. But for capital gains calculation, the cost basis is 31st Jan 2018.

 

So, other than STT there's no taxes to be paid. Right?

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register  

Company
06 July 2026
C.A./CA Inter OR pursuing C.A./GST/Accounts/Audit/IT - Head

Arvindkumar Maniar & Co.

Rajkot

CA

View Details
Company
Featured 24 June 2026
HEAD - AUDIT AND TAXATION

A R JADHAV AND ASSOCIATES

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 30 June 2026
Article Assistant or Paid Assistant

VIKAS VERMA & CO

New Delhi

Others

View Details
Company
24 June 2026
Senior Account (VA Client Operations)

Karbon Business

Bengaluru

CA Inter

View Details
Company
10 June 2026
Senior Account Executive

JDS Advisory LLP

Ahmedabad

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
Article

SNCO

Mumbai

CA Inter

View Details
Company
ARTICLESHIP 27 June 2026
CA Articled Trainee And Paid Assistant

SKAA & Associates

New Delhi

CA Inter

View Details
Company
ARTICLESHIP 08 July 2026
Articles

AJAY SINGH AND CO LLP

Thane

CA Final

View Details