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transfer of share from father

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Querist : Anonymous

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Querist : Anonymous (Querist)
01 April 2010 my father want to transfer share from his demat account to my demat account will it attract any tax liability
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Radheyshyam Falod

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Radheyshyam Falod (Expert)
01 April 2010 NO since the transfer will be a gift from a relative it will be exempt from tax in the hands of the son and since no consideration passes on it will be not be taxable to the father also.

But do prepare a gift deed for the same
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CMA. CS. Sanjay Gupta

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CMA. CS. Sanjay Gupta (Expert)
01 April 2010 AGREE
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