wat is the taxability on shares received as gift value exceeding rs.50000/-????
pls help
8 Replies
CA Rohit
(In Practice)
(71 Points)
Replied 12 March 2012
If the FMV of the movable property exceeds Rs 50000 then the whole amount will be taxable u/s 56(vii).
CA Rohit
(In Practice)
(71 Points)
Replied 12 March 2012
If the gift is received from relative as define u/s 56(vii) then it is not taxable in the hand of assessee.
Jugal Mansharamani
(c)
(83 Points)
Replied 12 March 2012
& how do i go abt with the transfer as the shares are listed & long term in nature
Jugal Mansharamani
(c)
(83 Points)
Replied 12 March 2012
& how do i go abt with the transfer as the shares are listed & long term in nature
CA Rohit
(In Practice)
(71 Points)
Replied 14 March 2012
I am not getting it... Plz explain a little bit more...
Pooja Jindal
(Student)
(36 Points)
Replied 14 March 2012
There is no Tax either on doner or donee in India on the gift made by any Individual to his relatives u/s 56 of the Income Tax Act, hence gift of Moveable Property made by any Individual to his relative in India is not Taxable. However registration in case of immoveable property is mandatory. The amount of registration fee and stamp duty is different in different States of India. No stamp duty is required in case of gift of moveable property.hence such gift is not taxable in hands of assessee
Jugal Mansharamani
(c)
(83 Points)
Replied 15 March 2012
i need to transfer shares from his demat to mine..
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