Comment on Taxation for Traders - Introduction
commented on
15 Dec 2013, 11:21 AM
My father expired recently (in June 2013) and being nominee in his individual Demat account, I have received credit (after completing DP’s requirements) of equity shares holding from my father’s demat a/c to my demat a/c. All the equity holdings in his account were for over 1 year. Now when I have received those holdings in my account on 15 Nov 2013. My queries are:
(1) Is there any tax implication of receipt of shares from my father’s a/c to me (after his death). The current market value (on 15 Nov 2013) is about 5 lakh ?.
(2) If I sell any of the shares upto 15 Nov. 2014 (less than 1 year holding in my name), will it be STCG or LTCG? Had my father sold the shares before his death, it would have been LTCG as all holdings are very old(more than 7 years). The shares are transmitted to my individual demat a/c on 15 Nov.2013.
Bhupen