Off-market debit transactions of listed equity share & Income Tax

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An off-market transfer of listed equity shares from a mother to her son appeared on her Annual Information Statement (AIS) with a value but zero consideration. This transaction is considered a gift and is exempt from tax. Therefore, it does not need to be reported on the mother's Income Tax Return.

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(Querist)
03 July 2022 Dear Sir,

There is off-market transfer of few shares from Mother to her son. These transactions are appearing as Value of off market debit transactions of listed equity share in mother's Annual Information Statement (AIS). End of the Day value is Rs. 7182/- and consideration column has zero value.

What are the implications of this transactions? whether they are required to be reported in Income Tax Return of Mother?

Kindly guide.
Thanks & Regards,
Suraj
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 July 2022 It's a gift to son exempt from tax ignore it.
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Suraj

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Suraj (Querist)
04 July 2022 Thank You CA R Seethraman Sir...
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CA R SEETHARAMAN

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CA R SEETHARAMAN (Expert)
04 July 2022 You are welcome................
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