How to treat shares & MF received as gift

Abhishek (NIL) (127 Points)

30 November 2021  

Hello, Recently one of my friend has received some share and MF units in his demat account directly from his uncle (not in blood relation) worth around Rs.70,000/- now how to treat the same as he has got both mutual funds and shares in his demat account and amount is also more then Rs. 50,000/-. How to show the same and is there any tax to be paid by him or anything he should keep so that he did not get any problem in future.

And he have also got some ETF from the broker as an token of gift worth Rs. 500/- when he open the account so how to show all this.