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Taxability of gift of shares to relatives

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(Querist)
21 August 2012 Sir,

One of my client has gifted shares to his relative in financial year 2009-10 but no accounting entry has been passed till now.

Now in financial year 2011-12,we came to know about this transaction. Now how i should pass accounting entry and what will be the taxability of this transaction under Income tax act?
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U S Sharma

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U S Sharma (Expert)
21 August 2012 its just a capital receipt, so you can take effect in past year also, as there is no taxability.
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