Hi, I received some shares as gift from my father a year back, and have disclosed the dividend received from the same in my IT returns. I am now likely to face some compliance issue at work because of this stock holding - Can I transfer the shares back to my father as a gift (without consideration). If yes, will the date of acquisition remain his original date of acquisition, before transfer to me. Thanks
Hi,
Yes, you can transfer the shares to your father as a gift.
It is advisable to make the gift deed for the same.
Yes, in case of gifted assets, which includes shares, the period of holding is reckoned from the date of purchase by the owner who has actually acquired the asset.
We may help you in drafting gift deed.
Hi,
Yes, you can transfer the shared to your father without consideration.
The date of acquisition will remain the original date of acquisition.
Please ensure your father shows the gift amount in his return of income as an exempt income.
Hello,
Yes, you can gift back the shares to your father. The date of acquisition will remain his original date of acquisition, in case of gift.
I hope this answer satisfies your requirement.
Regards,
CA Hunny Badlani
Yes, date of acquisition will be actual date of purchase by your father.
Yes since the transfer has been done via Gift the date of acquisition will remain the same when your dad i.e. the actual owner purchased them as per section 49(1).
Hope you find the information helpful if you do please rate it 5 and provide your valuable feedback for my improvement.
Thank you.
Hi,
You can transfer the shares to your father at no consideration. However, Gift deed has to be prepared.
Date of acquisition will remain his original date of acquisition.
Thank you!
Thanks everyone for the answer, its been useful. Can the gift deed be made in plain paper ?
Yes it can be as it's between father and son but it would be better if you purchase a ₹500 stamp paper.
Hi,
A gift deed can be only executed on a stamp paper.
You can call me in case of any further assistance.
Thank you!
Yes of course.
Better if properly stamped.
Yes, it can be made in plain paper.
A deed on plain paper without any notary shall not be considered as a valid documentary proof.
Hello Sir,
Yes, you can transfer the shares back to your father as a gift (without consideration).
Yes, the date of acquisition will remain his original date of acquisition, before transfer to you.
