I have a couple of foreign shares bought over the past few years through LRS, that have duly been reported on my past ITR 2 filings.
I now wish to gift the same to my son who is a US citizen and will transfer the shares directly from my overseas brokerage account to his brokerage account.
My query: How do I report this gift under Schedule FA on the ITR, as each share would have a NIL balance at end of year and further no entry can be reported under the Schedule CG, since there has not been a Sale consideration received for the asset.
Appreciate the guidance.
CAclubindia
