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Transfer of shares - father to son - Is gift deed required?

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(Querist)
30 June 2010 a Father has transferred shares in his name to his son. Is Gift deed required as per Income tax Act, 1961?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
30 June 2010 Yes gift deed must be prepared as it is a very valuable document for validity for gift.
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Yadagiri

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Yadagiri (Querist)
30 June 2010 I have received gift of shares from my father two times one in 1990 and the other in 2005. If I sell them through recognised stock exchange after payment of STT? Is it taxable?
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Aditya Maheshwari

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Aditya Maheshwari (Expert)
30 June 2010 The gain will be exempt u/s 10(38) as it is long term capital gains.
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