I have few unlisted shares. If i transfer them through off market transfer as a gift then what would be tax implication to me as a tranferor . Suppose I have shares of X company and i transfer these shares to my relatives as a gift through off market transfer . My purchase value of shares is Rs. 80000. on such transfer what taxation liability under income tax including capital gain tax .
pl guide.
vinod gupta
Hey @Vinod_Gupta
When you transfer the shares as a gift to a relative, you do not receive any consideration on this transfer. As per Section 47(iii) of the Income Tax Act, 1961 this transaction is not regarded as transfer of asset. So, there will be no tax liability in case of the transferor.