Please Help: Taxation of Gift
Posted Date : 17-May-2011 , 05:37:42 am | Posted By: Mujeeb Rehman
Category :
Income Tax | Answers :
3|
Comments :
5| Hits: 693
|
|
What would be the tax inpmlication if a private company or a firm receives gift of listed shares from any person. Whether this gift would amount to tranfer?? |
 |
|
|
Answers:
|
 Answer by: CA. Sachin Data |
| As per my opinion, there is no transfer as far as gift is considered.
|
| Answer by: Vikash Kumar Jha |
| When these share are to be sold then case of capital gain tax should be cönsidered
|
| Answer by: Vaneet Gupta |
| CG to be taxed at the time of sale
|
|
|
| Comments |
| Posted By : CA. Ruben Balooni |
29-May-2012, 10:05:23 |
| Gift would not be taxable in the hands of anyone (as per section 56(2)(viia) if a firm or closely held company recieves shared of closely held company then the gift is taxable). Also gift will not amount to transfer in the hands of the donor as per virtue of section 47. |
| |
| Posted By : CA M K Dublish |
29-May-2011, 09:07:38 |
| There is no Gift in the hand of a firm or company. But, the shares are sold by the company, capital gains would arise. |
| |
| Posted By : Nitesh Agarwal |
23-May-2011, 03:00:31 |
| No, Gift Would not amount to transfer....... |
| |
| Posted By : CA MANOJ GUPTA |
19-May-2011, 09:49:45 |
| THERE WILL BE NO TAX IMPLICATION SO FAR DONOR AND DONEE BOTH
BUT WHEN GIFTED SHARES BE SOLD THEN CAP GAIN WILL ARISE IN THE HANDS OF DONEE
CA MANOJ GUPTA
JODHPUR
09828510543
|
| |
| Posted By : Deo Nandan Jha |
18-May-2011, 01:09:52 |
| Since the gift is a share of listed company i.e. public are substantily interested in such company..
therefore gift is not taxable u/s 56(2)(viia) of income tax.
Again Under section 47 of income tax gift is exempted from Capital Gain..
If you satisfy with my answer you can mail me at cadnjha2010@gmail.com |
| |
|
|
|
|
