I have applied for IPO of my family member.
Amount for IPO alloted was deducted from my bank account and IPO was alloted to my family member further sale of shares alloted was from family member demat account in this who liable for STCG???
As money was deducted from my bank account.
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Profit on sale of shares alloted in IPO
Replies (7)
The allottee of shares (your family member).
You can take back your loan amount.
What if i take profit also from IPO earned from my family member to my account
You cannot take, as you were not the owner of the shares.
I sold those shares of family member and got the amount released from demat account into my family member bank account and then i took the entire amount from their bank to my bank
That doesn't transfer the STCG liability over the owner/seller of the shares.
Ok got it that what i wanted to know whether it will be taxable in family member hand or my hand bcoz i took back the entire amount including profit
It is taxable in the hands of your family member
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