Shares transaction gift above rs:70 lacs value taxable

Hey! Regarding your query on the gift of shares worth Rs. 70 lakhs received from your wife’s father:

Taxability of Gift of Shares in India:

• Gifts received from relatives (which includes father-in-law) are fully exempt from income tax, irrespective of the value of the gift.

• So, if you received shares as a gift from your wife’s father, it is not taxable as income in your hands.

• However, when you sell those shares later, the capital gains tax will apply based on the cost of acquisition and holding period.

Summary:
The gift of shares from your wife’s father is exempt from income tax at the time of receipt. There is no tax on the gift transaction itself.