Gift tax
This query is : Resolved
14 August 2015
My father and mother have transferred shares from their joint demat account to another joint account of my mother and me. Will the transfer attract any tax? Will a registered gift deed be needed for that? While selling the shares what will be the purchase price? The shares were purchased by my father many years back.
14 August 2015
This transfer will not attract any tax. No registered gift deed is required. The purchase price will be what it costed to your father. Long term capital gain on listed shares sold through recognised stock exchange is exempted.
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