I have given loan to my wife at 11.5% interest, given that we both are assessees. For loan repayment she has considerable quantity of Shares in the stock market. Can she repay the loan amount as shares to my trading account from her trading account (off market transaction) with the fair market value of the shares with applicable capital gains (tax as payable by her) as on the date of off market transaction?
Got to understand off market can be done only with consideration value, given consideration value the seller has to provide the money receipt for the share transfer in the form of bank transactions (NEFT/IMPS/RTGS) reference.
Other form is by means of Gift without consideration but mentioning the relationship with the transferee
DIS - Depository Instructions Slip needs to be supported with an Annexure with above-mentioned details.
CAclubindia
