Myself, Ram and my brother Shyam maintain a Joint Demat account with myself Ram as First Holder and my brother Shyam as second Holder. The NSDL Demat account is with Stock Holding Corporation of India.
I like to transfer ONLINE some holdings from this Joint Demat account to my brother Shyam’s Demat account in which he is SOLE Single Holder.
Found these options under “Trade Reason” - (a). “Transfer to Own Account” (b). “Gift” (c). “Transfer between Specified family members” .
- My doubt is whether can I off-market transfer stating Trade Reason as “Transfer to Own account”, since my brother Shyam is second holder from where the share are to be transferred?
- Second doubt is whether should I select Trade reason as " Gift" and family relation as “Brother ( including Step Brother)?
Can anyone please enlighten me the income tax implication on off market transfer by selection “Transfer to Own account” and " Gift” ?
Interestingly when tried to do Online off market transfer by selecting Trade Reason as “Transfer between Specified family members”… this off-market transfer is declined stating reason as “Please submit physical DIS for this off-market trade Reason”
Can You please enlighten me on this please