CONSEQUANCES OF TRANSFER DEMATE FROM ONE BANK TO ANOTHER

This query is : Resolved

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If your Demat account has been transferred due to a bank migration, such as Citi to Axis, your holding period for shares should remain unchanged. This means shares purchased long ago will still be considered Long-Term Capital Gains (LTCG), even if the bank or broker's system incorrectly flags them as Short-Term Capital Gains (STCG) after the migration. You should be able to correct this by referencing your original purchase dates when reporting your capital gains.

CA k J Patel

CA k J Patel (Querist)
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21 August 2024 my demat account was with Citi bank and Citi bank migrated in to Axis bank on july 2024
my demat a/c automatically converted to Axis demat account now if I sell my shared ,it is consider as short term capital gain with profit while I purchased shares in 2015 and it is LTCG with loss
I talked with Bank but they are clueless.
can anyone guide me please??

Thanks in Advance

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 August 2024 No. It will be LT holding only, as you have not sold the shares. It is just the change of IFSC code of the same Demat account.

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CA k J Patel

CA k J Patel (Querist)
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22 August 2024 if AIS shows it STCG as new broker don't c/f original date of purchase..

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Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)
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22 August 2024 At the time of sale of these securities, the broker will report it as CG, which you can accept or file feedback, based on your records.

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