11 June 2014
Sir, Plz. Reply me. I have received shares(listed on stock exchange) by way of nomination in FY-13-14. And the same was Sold by me in this year only i.e. in FY-13-14.
I want to further clarify that shares which I have received by nomination is from my relative as well as those shares were acquired by my relative for more than 5 years.
How should I reflect it in my Income Tax Return & is it taxable in my hand as capital gain ? Thank you in advance.
14 June 2014
Capital gain won't be taxable in your hands as period of holding shall be reckoned from date of acquisition by the previous year which is more than 5 years.
Please note that gift from relative is exempt from levy of income tax if relative fits within the definition of relative as provided under Income Tax Act 1961.
CAclubindia
