Chartered Accountant
86505 Points
Posted on 09 June 2022
Gift of movable property such as shares, ETFs, mutual funds, jewellery, drawings etc without consideration and exceeding Fair Market Value of more than INR 50,000 is taxable in the hands of the recipient under Section 56(2) of the Income Tax Act. Such income should be reported under the head ' Income from Other Sources ' in the Income Tax Return and tax should be paid at slab rates.
Taxes on the gifting of shares are exempt if Individual receiving gift from a relative (including siblings, spouse and lineal ascendants or descendants)
So, here same is exmpted