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Taxability on shares as gift

Jugal Mansharamani (c) (83 Points)

12 March 2012

wat is the taxability on shares received as gift value exceeding rs.50000/-????

pls help

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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).

Jugal Mansharamani (c) (83 Points)
Replied 12 March 2012

wat if the same is recvd from a relative??

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