trasfer of shares by Mr.A to Mrs. A

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CA Deepak Garg (Querist)
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08 January 2011 if shares are transfer by mr.A to Mrs.A in demat form as a gift, without consideration

is this transfer related to sec.47 i.e shall not be regarded as transfer ?

is this gift U/H IOS ?

will section of clubing also attract if this shares sold by Mrs.A ?

what is the taxability of such transaction ?

thanks in advance...........

CA PARAS BAFNA

CA PARAS BAFNA (Expert)
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08 January 2011 1.It shall not be regarded as transfer.
2.It is not taxable as.. gift has been received from a relative.
3 & 4. Clubbing Provisions will attract in this case as the asset has been transferred
to the spouse without adequate consideration
(Section 64(1)(iv).
The income , if any , would be taken in the hands of transferor.
If LTCG (STT paid)arises it will be exempt U/s 10(38).

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