gift of shares

This query is : Resolved

Mihir (Querist)
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16 October 2009
AS per the new rules from Oct'09 the recipient of not cash gifts are also taxable under Income Tax.

In case of gift of shares in an unlisted company what should be taken as the value of the Gift - Can we take the book value or any other method of valuation is prescribed??

Thanks

sunny bansal

sunny bansal (Expert)
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16 October 2009 As per section 56(2),

in case of gift in kind if value exceeds Rs.50000.00, value should be the fair market value on the date of tranfer.

CA Suresh Choudhary

CA Suresh Choudhary (Expert)
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16 October 2009 Agree with expert

Rajeev

Rajeev (Expert)
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17 October 2009 Fair market value of unlisted securities may be an issue . U can take the stamp duty value or the book value

CA CHINTAN AJMERA

CA CHINTAN AJMERA (Expert)
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18 October 2009 I think u should take Book Value as on date.

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