Capital Gain Tax on Off Market Shares

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Keyur (Querist)
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24 June 2024 Sir/Madam

I have one question regarding off market shares transferred to spouse account during the fy-2023-24. This share are sold by spouse after transferring shares from her husband.

Now we have to calculate capital gain tax of sale of off market transaction. In this case what is the date of purchase for calculating capital gain tax?? Date of purchase of Husband? or date transfer shares to her demate account??

And to whom capital gain is taxable ??? Husband or her spouse. shares are sold from her demate account.

thanks in advance

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2024 It's date of purchase of husband.
Capital gains is taxable in the hands of husband under clubbing provisions.

Keyur

Keyur (Querist)
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24 June 2024 Husband is filed his return of income then he has to file revised return??

Can i show capital gain in the hand of spouse instead of husband. Spouse income is below taxable limit!!!

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2024 Yes, file revised return.
It can't be shown in spouse income.

Keyur

Keyur (Querist)
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24 June 2024 thank you sir for prompt reply to me.

CA R SEETHARAMAN

CA R SEETHARAMAN (Expert)
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24 June 2024 You are welcome...
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