Assessee had off market credit transactions of listed equity shares amounting to 3.14 lakhs getting reflected in his TIS and AIS which were actually received as a gift from his sister.
in which ITR and under which section that need to be reported.
please specify.
thank you in advance....
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Off market credit transactions of listed equity shares
Replies (3)
Quick Summary
Do note that when you carry an off-market transaction Security Transaction Tax (STT) is not paid, but you end up paying higher capital gains tax.
Answer to your query is a gift from a relative through DIS slip (off market transaction) is not considered as a transaction and hence not capital gain. It is important that gift not be treated as transfer, and relative could be (i) spouse of the individual (ii) brother or sister of the individual (iii) brother or sister of the spouse of the individual(iv) brother or sister of either of the parents of the individual (v) any lineal ascendant or descendant of the individual(vi) any lineal ascendant or descendant of the spouse of the individual (vii) spouse of the person
Very helpful sir. thank you
Sir can you please specify the section under which it is not taxable
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