Tax on transfer of equity shares

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This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

09 October 2012 My brother wants to transfer his equity shares to me valuing approx Rs 5 lacs, as he remains out of town mostly...Can this transfer be effected through a Gift Deed, if not, what is the procedure..
So
1. If there is STCG in those shares, who will have to bear the tax liability.

2. If i do intra day transactions against those shares, who will have to bear the tax liability..

Thanking you in advance..

Amol S Joglekar

Amol S Joglekar (Expert)
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09 October 2012 01. STCG is to be borne by the transferor unless otherwise it is specifically agreed upon to the contrary. 02. The intraday transactions are done through 'trading account' The gain/loss shall accrue to the holder of this 'trading account'

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