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share transfer

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Querist : Anonymous

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Querist : Anonymous (Querist)
18 May 2010 In 2007 in have purchased shares in stock market worth rs. 80000. At present their value is 40000/. now i want to transfer those to my wife account. can i transfer and what is tax liability to us
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Vinod Kumar Mathuria

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Vinod Kumar Mathuria (Expert)
19 May 2010 this transfer is considered as gift to spouse us 27(iii), which is not included in transfer, hence no capital gain will be charged on such transfer, but in case of sale of by your spouse the cost of previous owener will be taken as per section 49(1), futher clubbing provision also apply section 64(1)(iv) any assets other than house property is transfered without adequate consideration income from such assets will be the income of transferor, hence such capital gain will be taxed in the hand of you on sale.
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