Off Market debit and credit transaction
This query is : Resolved
Quick Summary
Vijay Kumar
(Querist)
03 July 2026
The husband transferred securities worth ₹9,84,783 to his wife's demat account through an off-market transfer. Subsequently, the wife transferred securities worth ₹9,89,983 back to the husband's demat account through another off-market transfer.
Please advise on the income tax implications of these transactions in their respective Income Tax Returns (ITRs), including whether any tax liability or disclosure requirements arise for either spouse.
Please advise on the income tax implications of these transactions in their respective Income Tax Returns (ITRs), including whether any tax liability or disclosure requirements arise for either spouse.
Dhirajlal Rambhia
(Expert)
03 July 2026
If the shares are not same, declare them in respective ITRs under Schedule EI.
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Vijay Kumar
(Querist)
03 July 2026
The shares are same Sir
Dhirajlal Rambhia
(Expert)
03 July 2026
Consider them as loan, as such no need to declare in either ITR. File feedback in both AIS as the transactions are not taxable.
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Vijay Kumar
(Querist)
03 July 2026
Thank you so much sir for your early reply.
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Dhirajlal Rambhia
(Expert)
03 July 2026
You are welcome.
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