Share issue
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
08 September 2012
A man aged 60 years has a share of ITC in his name worth Rs.8 lacs . He had died recently living his 4 major sons.Now all the son wants
to distribute shares of ITC equally among them and want to transfer this shares in their own name. what is the procedure for taking shares in their own name and what will be the tax implication if it is a tranfer? Whether they have to prepare Succession Certificate for taking Shares in their own name?
to distribute shares of ITC equally among them and want to transfer this shares in their own name. what is the procedure for taking shares in their own name and what will be the tax implication if it is a tranfer? Whether they have to prepare Succession Certificate for taking Shares in their own name?
08 September 2012
If a shareholder holding shares in his sole name dies without leaving a will, how can his legal heir/s (either husband/wife/son/daughter) get the shares transmitted in their names?
A: This is Transmission of Shares. In such a situation it is very difficult to prove the ownership of estate of the deceased member. Following documents along with the share certificate(s) need to be submitted to the Company for transmitting the shares:-
a. Request for transmission in writing
b. Certified copy of the Death certificate
c. Certified copy of any one of the following:
1. Copy of the Probate obtained from the court,
2. Letter of Administration from court, if applicable
3. Succession Certificate, if applicable And
4. Title Claim, if required
5. No Objection from the other legal heirs, if any. Under special
circumstances, the organization may consider transmission of shares
without receiving of any of the documents mentioned at 'C' above on
receipt of an Indemnity Bond on stamp paper of Rs. 200 and an Affidavit
on stamp paper of Rs. 20.
A: This is Transmission of Shares. In such a situation it is very difficult to prove the ownership of estate of the deceased member. Following documents along with the share certificate(s) need to be submitted to the Company for transmitting the shares:-
a. Request for transmission in writing
b. Certified copy of the Death certificate
c. Certified copy of any one of the following:
1. Copy of the Probate obtained from the court,
2. Letter of Administration from court, if applicable
3. Succession Certificate, if applicable And
4. Title Claim, if required
5. No Objection from the other legal heirs, if any. Under special
circumstances, the organization may consider transmission of shares
without receiving of any of the documents mentioned at 'C' above on
receipt of an Indemnity Bond on stamp paper of Rs. 200 and an Affidavit
on stamp paper of Rs. 20.
08 September 2012
Also This is Exempted Transfer Under Income Tax Axt
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