Excellent Video. This is the first video on Gifts, in English, that I have come across, which is so well explained. Excellent !! Thanks so much and I look forward to more videos in English.
Hi What would be the taxing scenario. 1) If relatives gift (jewellery) to the new born. Should it shown under parents? Or child. 2) To open minor zeroda we need to have aadhar and pan card, if it is a new born 5 months. Should the child need to have Pan Card ? 3) Since now i have to get Pancard for new born ...should we declare assets and file ITR?
Hi, Eg:- I bought 100 shares of company A at 100/- after 1 year I gifted them to my wife when the share price was at 120/- and she sold those shares within a year of gifting them when shares were trading at 150/- (Assuming gifted value of shares exceeds 50,000/-) then: 1. What will be the cost of purchase of shares for my wife ? 2. Who will pay tax here my wife or me ? 3. Will the clubbing of income provision be applicable here or not ?
Hey, The cost price would be at which the shares were originally purchased. i.e ₹100 in our case. Clubbing of income will be applicable and hence, you will have to pay tax on the gains. However, if your spouse possesses professional knowledge due to which the income, i.e. the profits were generated, clubbing will not be applicable and she'll be liable to pay the taxes.
So my brother has shares worth x amount and they are at a 50% capital gain. If he gifts them to me, and I sell them, what is my taxable amount? Is it 1) on only the capital gain of 50% or 2) if it didn't grow after I received them then 0 taxable? 3) or on the entire amount that I would receive?
Sir I have an imp. question I GIFTED WORTH OF RS 50 LAKH SHARES TO MY FRIEND AND MY FRIEND DOESN'T HAVE ANY OTHER INCOME HE DON'T HAVE ANY CASH TO PAY TAX RIGHT NOW IN OTHER SOURCES AND HE DON'T WANT TO SELL THE SHARES FOR NEXT 10 YEARS THEN HOW TAX WILL BE COLLECTED FROM MY FRIEND i.e TAX ON SHARES ON GIFT WILL BE LEVIED IN RECEIVE OF SHARES OR SALES OF SHARES ??
Can you confirm If i am gifting my mom shares held by me.. above 50000 will it be taxable. since it falls under the concept of relatives ideally it will not be taxable. However wanted to confirm the same
If shares purchased by son is 20lk he gifts to parents at that time price is 15lk so tax will be on 15lk amt ? Secondly will it show automatically else one needs to declare it
sir, i have transferred shares in my wife zerodha account, differences of buy price (profit amount ) is showing in my tax p&l statement. why ? i purchased sunpharma shares of Rs.50k and at the time of transfer it was worth of around Rs.106000... profit was around Rs.56000..... and after transfer this 56000 is showing as a profit in my TAX P&L Statement. why ? and how to present it at the time ITR Filling.
Hi, for tracking and reporting purposes, the stock's closing price on the day the stock gets transferred is the exit price for the person gifting the stock, and the same price is used as an entry price for the person receiving the gift. Explained here: support.zerodha.com/category/your-zerodha-account/transfer-of-shares-and-conversion-of-shares/gifting-securities/articles/gift-shares
While gifts received from relatives are not taxable, they should be reported while filing ITR under Schedule EI. Note: Schedule EI is a section of the ITR form, where EI stands for Exempt Income.
Hello ! I want to gift my Long term holding shares to my spouse , she will sell them later in this financial year. As she is buying property which she is going to use these funds. Are my gifted share long term capital gains are taxable to her ? Please confirm ! As per 54F any long term capital gains are exempt if equality amount is investing in buying a property . Please confirm !!
why the avg price is showing as LTP after receiving the shares. In that case, whats the use of gifting shares. Suppose my father who is donor has the avg price as 1200 and when i recive it and LTP is 1800 in my holding its entry price of mine.
Hello, gifts and loans are different. If you are borrowing money and taking a loan from someone, you are not required to pay any tax on it. However, gift in any form, whether cash or in the form of a movable/immovable property, is taxable if the value exceeds ₹50,000.
IN YOUR EXAMPLE OF TAXATION OF TOTAL 10.75 LAKHS HIS OTHER INCOME DOES NOT GET TAXED AT 30% AS OTHER INCOME DID NOT CROSS 10 LAKHS. AND IF TIT IS LONG TERM CAPITALGAIN WILL BE TAXED AT DIFFERENT RATE OF 20%
@Quicko ! How are the Gifts to HUF considered ? Can my in-laws gift shares to my HUF ? How to specify that the amount been transferred to someone is actually a 'gift' ?
Excellent Video. This is the first video on Gifts, in English, that I have come across, which is so well explained. Excellent !! Thanks so much and I look forward to more videos in English.
Glad it was helpful!
Very informative and explained in simple language
In case of immovable property there is also a clause that states that if SDV is with in 110% of sale consideration then it is not covered in 56(2)(x).
Sir Is sender have to pay tax for gifting shares?
Hi
What would be the taxing scenario.
1) If relatives gift (jewellery) to the new born. Should it shown under parents? Or child.
2) To open minor zeroda we need to have aadhar and pan card, if it is a new born 5 months. Should the child need to have Pan Card ?
3) Since now i have to get Pancard for new born ...should we declare assets and file ITR?
❤ Right post at right Time❤
Hi,
Eg:- I bought 100 shares of company A at 100/- after 1 year I gifted them to my wife when the share price was at 120/- and she sold those shares within a year of gifting them when shares were trading at 150/-
(Assuming gifted value of shares exceeds 50,000/-) then:
1. What will be the cost of purchase of shares for my wife ?
2. Who will pay tax here my wife or me ?
3. Will the clubbing of income provision be applicable here or not ?
Hey,
The cost price would be at which the shares were originally purchased. i.e ₹100 in our case.
Clubbing of income will be applicable and hence, you will have to pay tax on the gains.
However, if your spouse possesses professional knowledge due to which the income, i.e. the profits were generated, clubbing will not be applicable and she'll be liable to pay the taxes.
Hey can bhanja gift a share to his mama? If yes then can it be under gift from relatives or should pay tax under the income from other sources?
So my brother has shares worth x amount and they are at a 50% capital gain. If he gifts them to me, and I sell them, what is my taxable amount? Is it 1) on only the capital gain of 50% or
2) if it didn't grow after I received them then 0 taxable?
3) or on the entire amount that I would receive?
Sir intraday trading sikhni h kaise sikhu
Playlist bta do (hindi me)
Sir I have an imp. question I GIFTED WORTH OF RS 50 LAKH SHARES TO MY FRIEND AND MY FRIEND DOESN'T HAVE ANY OTHER INCOME HE DON'T HAVE ANY CASH TO PAY TAX RIGHT NOW IN OTHER SOURCES AND HE DON'T WANT TO SELL THE SHARES FOR NEXT 10 YEARS THEN HOW TAX WILL BE COLLECTED FROM MY FRIEND i.e TAX ON SHARES ON GIFT WILL BE LEVIED IN RECEIVE OF SHARES OR SALES OF SHARES ??
Can you confirm If i am gifting my mom shares held by me.. above 50000 will it be taxable. since it falls under the concept of relatives ideally it will not be taxable. However wanted to confirm the same
₹50k will not be taxed but the capital gain from that will be taxed
Hi, if I gift shares worth Rs. 5 Lakhs or more to wife(spouce/relative), will she have to pay tax on receiving?
If shares purchased by son is 20lk he gifts to parents at that time price is 15lk so tax will be on 15lk amt ? Secondly will it show automatically else one needs to declare it
sir, i have transferred shares in my wife zerodha account, differences of buy price (profit amount ) is showing in my tax p&l statement. why ?
i purchased sunpharma shares of Rs.50k and at the time of transfer it was worth of around Rs.106000... profit was around Rs.56000..... and after transfer this 56000 is showing as a profit in my TAX P&L Statement. why ? and how to present it at the time ITR Filling.
Hi, for tracking and reporting purposes, the stock's closing price on the day the stock gets transferred is the exit price for the person gifting the stock, and the same price is used as an entry price for the person receiving the gift. Explained here: support.zerodha.com/category/your-zerodha-account/transfer-of-shares-and-conversion-of-shares/gifting-securities/articles/gift-shares
Can you please share list where clubbing provisions not applicable
Hi, do the donee need to declare the gifts received from relatives? Ultimately these gifts are tax-free...
While gifts received from relatives are not taxable, they should be reported while filing ITR under Schedule EI.
Note: Schedule EI is a section of the ITR form, where EI stands for Exempt Income.
Hello ! I want to gift my Long term holding shares to my spouse , she will sell them later in this financial year. As she is buying property which she is going to use these funds. Are my gifted share long term capital gains are taxable to her ? Please confirm ! As per 54F any long term capital gains are exempt if equality amount is investing in buying a property .
Please confirm !!
Hi. If I gift mutual funds worth rupees 80k to my minor son in a year. What are the tax implications to me and my son. Pl explain
Can we please explain how it is taxed for the person who is gifting (giving the gift)
Hey, there is no tax applicable for the sender of the gift, provided that provisions of clubbing aren't applicable.
why the avg price is showing as LTP after receiving the shares. In that case, whats the use of gifting shares. Suppose my father who is donor has the avg price as 1200 and when i recive it and LTP is 1800 in my holding its entry price of mine.
I have the same question, have you found out the reason?
If Rahul borrows 2 lakh rupees from Mohit, is it taxable or not? are you talking about a gift as a substance or gift as a cash?
Hello, gifts and loans are different. If you are borrowing money and taking a loan from someone, you are not required to pay any tax on it.
However, gift in any form, whether cash or in the form of a movable/immovable property, is taxable if the value exceeds ₹50,000.
IN YOUR EXAMPLE OF TAXATION OF TOTAL 10.75 LAKHS HIS OTHER INCOME DOES NOT GET TAXED AT 30% AS OTHER INCOME DID NOT CROSS 10 LAKHS. AND IF TIT IS LONG TERM CAPITALGAIN WILL BE TAXED AT DIFFERENT RATE OF 20%
what about clubbing of income
@Quicko !
How are the Gifts to HUF considered ? Can my in-laws gift shares to my HUF ?
How to specify that the amount been transferred to someone is actually a 'gift' ?
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