Income tax on shares transferred from my late aunt
1 year ago
Before passing away my aunt who was a foreign citizen had transferred (GIFT) Some of the shares on my name last year and few days back I sold it & received the cheque from brokerage house. As the cheque is still in processing stage and yet to credit in my account, I want to know how much tax I have to pay for the total amount of 3 crores INR ?Is there any way I can minimize tax amount by giving donations to govt registered charity institutions?
A.Dear Client
In your case, since the shares were gifted to you last year, the gains will be treated as long-term capital gains, and the tax rate will be 20% with indexation benefits.Donations to registered charities can be claimed as a deduction from taxable income under Section 80G of the Income Tax Act, 1961.To minimize your tax liability, you can consider donating a portion of the gains to registered charities. Please consult a tax expert over this matter.
In your case, since the shares were gifted to you last year, the gains will be treated as long-term capital gains, and the tax rate will be 20% with indexation benefits.Donations to registered charities can be claimed as a deduction from taxable income under Section 80G of the Income Tax Act, 1961.To minimize your tax liability, you can consider donating a portion of the gains to registered charities. Please consult a tax expert over this matter.
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Anonymous
Replied 1 year ago
Thank you, Sir.
Sure, will consult.
A.Dear Sir,
Pls approach local Income tax consultant/auditor to get authenticated guidance. Otherwise you might be mislead.
Pls approach local Income tax consultant/auditor to get authenticated guidance. Otherwise you might be mislead.
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Anonymous
Replied 1 year ago
Sure, Sir.
Thank you.
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