Mayur Bagresha 12 July 2019
Mr Raj(father) has equity share of Rs 50 Lacs and on death of Raj by inheritance but without making gift deed
His shares are transferred to Diya(daughter) and in F.Y 2018-19 she has sold such shares
The amt received on above shares is divided between diya and diya's sister Seema of Rs 25 Lacs each by making gift deed
So my query was whether such amt would be taxable or not in the hands of Diya as well as Seema and where would it be reflected in ITR-2
CAclubindia Online Learning offers a wide variety of online classes and video lectures for various professional courses such as CA, CS, CMA, CISA as well as various certification courses on GST, Transfer Pricing, International Taxation, Excel, Tally, FM, Ind AS and more. know more
Kaushik Sen (student) 12 July 2019
As Diya sold the shares, she should file the ITR, and fill the details of the sold shares in 'schedule 112A'; She will be liable to LTCG if gains exceed 1 lakh.
Any gift received by Seema will be tax-exempt.