Capital gains tax on gifted shares from spouse

Income Tax Income from Capital Gains
1

Hello Sir/Mam

Can please someone respond to this query .

My husband has transferred shares from his demat to my demat which he has been holding from 2021. If i sell these shares after i receive them ( with the original purchase date and price in 2021) and the long term capital gain tax comes to 10 lakhs. Who has to pay this tax? Clubbing provisions will apply? Then why is that the gifts are taxed in the hands of receiver and not sender?

Also I am a non speculative F&O trader. Can this capital gain be written off against the loss i made this year. same 2024-25. Not carried forward. I understand that carried off losses can be offset against capital gains only in the current year.

Please advise

Thanks

3

Hey @Bharathy

The transfer of shares from your husband to you will be treated as a gift, which is exempt from taxation at the time of transfer. However, the Long-Term Capital Gains (LTCG) tax on the sale of those shares will be payable by your husband, as the clubbing provisions will apply.

Additionally, you will not be able to offset any Futures & Options (F&O) losses against the LTCG, because the LTCG will be considered part of your husband’s income due to the clubbing provisions.

Hope this helps!