How can book loss and file incometax on re-gift stocks

Income Tax
#1

i have buy REC 200 on price of 220 share in 2017, after that i gift this stock to my father and transfer this stock from my csdl to my dad’s cdsl account.

after that my dad got bonus share in their other broker so they have around 400 share in his account now they want to gift me back my 200 qty back into my cdsl account.

how how can i calculate tax on this? i have contract note of 2017 purchase of 200 share on 220 price and today i got gift back same 200 qty from papa.

In 2017 i have invested 44000 rs transfer this stock to papa’s account and todays papa send me back 200 qty and i value of its 21600rs. so today i want to sell this stock then how can book -22400 rs loss or what any suggestion?

#2

@Bharti_Vasvani Can you help here?

#3

Hello @jaydalwadi,

When shares are gifted to relatives as per the income tax act, the date and cost of acquisition are taken of the original owner of such securities. In this case, it is as good as shares were never transferred by you. Hence you can report the capital gains by classifying them as long-term gains (as they are held for more than 12 months) and the purchase price paid by you as the acquisition cost.

Hope this helps!