LTCG& STCG on Shares transferred off market-NRI PINS to Resident demat account
This query is : Resolved
Quick Summary
Abdul Salam Sagir
(Querist)
28 June 2022
I was holding shares in my NRI PINS account and after becoming resident, opened a resident demat account and transferred PINS shares to the resident demat. This is recorded as an off market transfer in the records, by the depository. STT was paid at the time of purchase of shares.
Would like to know the tax implications on sale of shares in the resident demat: if the total holding period (NRI PINS+ resident demat) is more than 12 months, I need to pay only LTCG? Or, holding will be considered from the off market transfer date, where STT was not paid? Please clarify.
Would like to know the tax implications on sale of shares in the resident demat: if the total holding period (NRI PINS+ resident demat) is more than 12 months, I need to pay only LTCG? Or, holding will be considered from the off market transfer date, where STT was not paid? Please clarify.
CA R SEETHARAMAN
(Expert)
29 June 2022
If the total holding period (NRI PINS+ resident demat) is more than 12 months, you need to pay only LTCG.
Abdul Salam Sagir
(Querist)
29 June 2022
Thanks a lot for the clarification
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