Hi
You should show such receipt as gifts under Exempt income in ITR. There would be no tax implications.
Prepare notarized declarations for such receipt of gift.
Transfer of shares between sisters - tax implication if any?
Dear Sir/Madam Request your advise on the following I am a married women and my father had some Equity shares, that he was decided to share between two of us(sister). as i was not having the DEMAT account, he transferred all his shares to my elder sister account (15 years ago) and NOW i have opened my DEMAT account, and my sister is planning to transfer my part of equity shares. current value of transfer is around 15L Is there any tax implication for either of us? or do we need to file/inform Income tax about this transaction. Best Regards
Asked 5 years ago in Capital Gains Tax
Hi,
Hope you are doing well !!
There will be no tax liability on the same.
You just need to report it as an exempt income in ITR.
Though it is not compulsory, it is best to execute the gift deed on a non-judicial stamp paper of appropriate amount for legal record and to avoid any tax queries in the future.
You must register a gift deed mentioning this i.e. the number of shares she is transferring to you it's value as she won't be paying any capital gain on same and you will have to show it in your income tax return as gift received and since you are receiving it from your own sister there won't be any tax on same.
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Thank you
Hi,
- No implications unless you sell them.
Thanks
Dear Sir,
There is no tax implications.
Better to execute a gift deed for the same.
Hi
Such transaction to be declared as gift received from relatives,that is fully exempt from tax.
Execute a proper gift deed for such transaction.
Hope it helps
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