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Q. > Please Help: Taxation of Gift
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??
3 Answers
answered Jun 23, 2011 by CA. Sachin Data , Alwar
As per my opinion, there is no transfer as far as gift is considered.
answered Jul 22, 2012 by Vikash Kumar Jha , Cuttack
When these share are to be sold then case of capital gain tax should be cönsidered
answered Oct 01, 2013 by Vaneet Gupta , Delhi
CG to be taxed at the time of sale
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Comments
Deo nandan jha
18-May-2011 , 01:09:52 amSince 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
CA MANOJ GUPTA
19-May-2011 , 09:49:45 pmTHERE 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
Nitesh Agarwal
23-May-2011 , 03:00:31 amNo, Gift Would not amount to transfer.......
CA M K Dublish
29-May-2011 , 09:07:38 amThere is no Gift in the hand of a firm or company. But, the shares are sold by the company, capital gains would arise.
CA. Ruben Balooni
29-May-2012 , 10:05:23 amGift 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.