Dear Experts,
My sister [Ms."D"] is having Shares from about 1990 (in physical form not demated) jointly with my brother [Mr."R"]. Wherein in all Shares name of my sister Ms."D" appears as first holder and name of my brother Mr."R" as second holder.
Now, as per our family understanding name of my brother Mr."R" as second holder is to be eliminated and it will be replaced by name of 2 other sisters. i.e. change in name of 2nd holder only while name of 1st holder going to remain same.
For this replacement of name-
(a) Is it necessary for my brother [Mr."R"] second holder to execute gift deed in favour of other 2 sisters whose names are to be added?
(b) OR what are appropriate procedure to be followed for this?
(c) After replacement of names of holders, if my sister [Ms."D"] immediately sell/dispose this Shares in market, by paying STT, then- (i) Will she be liable to pay any tax? (ii) The profit which she get will be of her own or it will be divided amongst all holders? (iii) Normally, in Shares held by more than one name, what is the importance of 2nd and 3rd holders?

Aditya Kumar Jain.

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