Gift of securities of closely held companies
This query is : Resolved
Joseph Joy Puthussery
(Querist)
27 October 2012
Sir,
If the director of a closely held pvt ltd company gifts his shares to his son what is the treatment of the same? Is it chargeable to tax under capital gains or other sources? and subsequently if the son sells it, can he claim the period of holding of his father? (the cost of previous owner can be claimed)
If the director of a closely held pvt ltd company gifts his shares to his son what is the treatment of the same? Is it chargeable to tax under capital gains or other sources? and subsequently if the son sells it, can he claim the period of holding of his father? (the cost of previous owner can be claimed)
Anand Modi
(Expert)
27 October 2012
In my opinion There is no Tax on gift from father to Son. Gift is to be shown under Income from other sources and also can claim period of holding of father.
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