Paying taxes for gifts

Service Engineer

What is termed as gift received ?? 

 

My Grandmother had some shares in Her name - she expired 10 yrs ago - Income Tax file was closed in 2002-2003  - Now we have Converted those shares in demat - All shares can it be transferred to my Mother as she is daughter in law - or can it be transferred to me as i am grand son -  will it have any Tax implications .

 
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ADVOCATE

The Legal Heir inheritng the assets will have no tax liability thereon.

 
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Practicing Lawyer

Hi, you said now share are held in demat form. In whose name is that demat account, meaning the shares has already been transferred in the name of person holding  demat account.  However there is no tax in the hands of receipient of gift/shares, neither he/she shall be subjected to tax on further sale of such shares as these being a capital assets held for more than one year, being a long term asset eligible for exemption.

 

Thanks

 
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