Transfer of shares from family account

Was there a will? Also, is your query from tax perspective?

If there is a will pursuant to which the transfer is undertaken, there should not be any tax liability either in the hands of the son or the daughter.

If there is no will, the transfer could come within the ambit of section 56(2)(x) of the Income-tax Act, 1961. However, since both of them are relative as defined in section 56(2)(x), the said transaction should not be taxed in the hands of the son or the daughter. It is advisable that the rationale for this transaction is documented properly.

In either of the case, when the daughter sells of the holding, the gains / (loss) will that be of the daughter