Capital gains and Share transfer

This query is : Open

Querist : Anonymous

Querist : Anonymous (Querist)

08 September 2010 Dear Sir,

This is regarding a clarification on a firm taken over by pvt ltd company.

The partership firm had me and my father as partners. Subsequently taken over by a pvt ltd [formed by us], lock , stock and barrel... thereby not attracting capital gains.

The shares to an extent of the capital and other assets were issued to both of us, in a proportional ratio.

Now my doubt is.... if my father wants to gift me his share of the business... is it possible without atttracting capital gains.

Kindly explain

Regards

Nischint Kumar Somani

Nischint Kumar Somani (Expert)
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09 September 2010 it will not be possible, it will attract capital gain tax

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