I OPERATE 3 DEMAT ACCOUNTS(MYSELF,MY WIFE AND MY RELATIVE).MY REALTIVE KNOWS THAT I OPERATE IT BUT HE DONT KNOW WHAT ARE THE HOLDING IN HIS DEMAT A/CS.ALL THE SHARES IN HIS A/C ARE PURCHASED BY ME WITH MY OWN MONEY. ON 6.4.2010, I HAD TRANSFERRED LISTED SHARES WORTH720000(MARKET VALUE AS ON 6.4.2010)WHICH ARE STANDING IN MY REALTIVE`S ACCOUNT TO MY WIFE A/C TO THROUGH OFF MARKET SLIP. DUE TO THIS THERE EMERGED A LOAN OF720000 IN MY WIFE`S ACCOUNT. I TOOK HIS SIGN ON TWO BLANK STAMP PAPERS ON 12.4.2010. NOW, I DONT WANT TO PAY ANY AMOUNT OF WHITE MONEY THROUGH A/C PAYEE CHEQUES TO MY RELATIVE(by virtue of Sec 269SS,269T) AND AT THE SAME TIME I ALSO WANT TO CLEAR OFF THE DUES BY USING THOSE STAMP PAPERS. TRANSFEROR DOESNOT SATISFIES THE CONDITIONS OF RELATIVE SPECIFIED U/S 56(2)(VI).
I WILL BE VERY GRATEFUL TO YOU IF YOU CAN SUGGEST ME THE WAY TO OVERCOME THIS SITUATION. THANK YOU
if that relative is your close one as specified u/s 56 then show it as a gift of 100% through transfer deed, so u can get benefit of COST OF PREVIOUS OWNER @ time of transfer of share.
or else up to Rs.50,000 to each of you & your wife p.a. no other way to escape it, except get back transfer but in that case you have to pay capital gain tax.
CAclubindia
