Comment on Now gift stocks and ETFs to your friends and loved ones

Sampat Kumar Godavarthy commented on 30 Mar 2021, 06:11 PM

The tax implication for the gifted stocks are incorrect completely and against the Income tax rules.

When you gift a tax using zerodha online, the profit /loss report is considering it as profit and showing in the p/l statement as profit. Once shown, income tax will have to be paid which is completely wrong reporting by zerodha.

From this FY 2020-21, every broker has to send the p/l stmt. of each acct. holder to it dept. and would reflect in our form 26as. We will be forced to pay income tax for wrong computation/reporting by zerodha.

This is against income tax rules and also concerned about how/why the same can be allowed by sebi/it dept.

Please treat this as serious and i have raised a ticket – but there is no reply from zerodha since last 10 days.

I am very concerned and so would all.

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