Gift of shares
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
14 August 2013
CAN ANYBODY PROVIDE ME THE PROCEDURE OF GIFT OF SHARES ALONG WITH THE FORMATS.
14 August 2013
Hi
Please give id i will send the gift deed:
AMOUNT (ENTRY 62, SCHEDULE I, OF INDIAN STAMP ACT, 1899)
The Government has prescribed a stamp duty of, Rs.0.75 for every hundred rupees (100 RS.) or part thereof the value of the share, i.e. the price at which shares were brought (commission price), and not the face value of shares under transfer.
Violation of this provision will attract penal provisions to the company, under stamp Act.
In case of gift of shares there is a necessity to mention the consideration as the shares are being transferred free of consideration. However, stamp duty thereon will have to be paid on the basis of the market value of the shares on the date of the gift.
Please give id i will send the gift deed:
AMOUNT (ENTRY 62, SCHEDULE I, OF INDIAN STAMP ACT, 1899)
The Government has prescribed a stamp duty of, Rs.0.75 for every hundred rupees (100 RS.) or part thereof the value of the share, i.e. the price at which shares were brought (commission price), and not the face value of shares under transfer.
Violation of this provision will attract penal provisions to the company, under stamp Act.
In case of gift of shares there is a necessity to mention the consideration as the shares are being transferred free of consideration. However, stamp duty thereon will have to be paid on the basis of the market value of the shares on the date of the gift.
14 August 2013
As per my knowledge, the stamp duty will be payable on consideration of shares. In the case of gift, the share value is not considered but, it is required to register gift deed as a rate specified in the respective state.
The company should take following documents for registering transfer of shares:
1. Share Certificate
2. Transfer Deed duly executed,
3. Registered Transfer Deed
Regards
The company should take following documents for registering transfer of shares:
1. Share Certificate
2. Transfer Deed duly executed,
3. Registered Transfer Deed
Regards
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