Shares received as gift
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
24 January 2013
I received shares of unlisted companies as gift in my HUF A/C from my Uncle, it is taxable as gift tax , further when the same was sold to others what is the treatment of receipt from sale as per IT act
CA PARAS BAFNA
(Expert)
24 January 2013
Your uncle is not member of your HUF so he is not a relative of your HUF.
.
Fair Market Value of shares according to Rule 11U or 11UA , will be taxable in the hands of HUF as Income if such FMV exceeds Rs. 50000/-.
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For the purpose of computation of capital gains on transfer -Such FMV will be treated as cost of acquisition for the HUF, when such shares will be sold to others.
.
.
Fair Market Value of shares according to Rule 11U or 11UA , will be taxable in the hands of HUF as Income if such FMV exceeds Rs. 50000/-.
.
For the purpose of computation of capital gains on transfer -Such FMV will be treated as cost of acquisition for the HUF, when such shares will be sold to others.
.
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