TRANSFER OF SHARES WORTH APPROX. INR 70 LACS AS GIFT FROM FATHER/MOTHER TO MARRIED DAUGHTER

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This query is : Resolved

SUDHIR VARDHAN (Querist)

09 September 2024 The father/mother are very old and now wants to transfer his/her stocks/shares (original cost Rs. 45000 Current market value Rs.70 lacs approx.) to one of his/her daughter (there are two daughters only). What would be the tax & stamp duty implications and on what value. Please note that since its a gift therefore there is no consideration involved in the transfer of the stocks/shares. Also, what disclosure is required at the time of filing annual return in the Income tax form by the daughter. Pls advise.
PS: Is there any tax implication on the donor father/mother who is retired and Super Senior Citizen.

Dhirajlal Rambhia

Dhirajlal Rambhia (Expert)

09 September 2024 1. Share transfer fees over the FMV of shares will be levied by transfer agent.
2. No income tax liability on either donor or gift receiver.
3. Gift receiver should declare the gift value in 'schedule EI' of relevant ITR.

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