Listed Share transfer from Demat A/c. within family reporting in ITR

Respected Sirs,

Listed Shares are transferred from Demat Accounts within family members Accounts; as well contra entries from One Demat A/c. to another Demat A/c.  In the Income Tax Annual Information statements (AIS), these are appearing / reported as off market transactions                                                                                                                These entries are within family transfers without any consideration. Some are contra entries. Do we have to report or explain these entries in ITR?

Thanks a lot for kind help.

Valerian Dsouza

 

 

 

 

Replies (2)
Quick Summary
This discussion addresses whether listed share transfers between family members, appearing as off-market transactions in the Income Tax Annual Information Statement (AIS), need to be reported in an Income Tax Return (ITR). The consensus is that since these transfers are within the family without consideration, capital gains are not taxable, and therefore, they do not require specific reporting in the ITR.

Since you have transferred these shares to your relatives so capital gains are not taxable and so you are not required to show this in ITR

CA Aakarsh, Thank you so much Sir

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