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Vivek Lala | Answer |Ask -Follow

Tax, MF Expert - Answered on Jul 22, 2023

Vivek Lala has been working as a tax planner since 2018. His expertise lies in making personalised tax budgets and tax forecasts for individuals. As a tax advisor, he takes pride in simplifying tax complications for his clients using simple, easy-to-understand language.
Lala cleared his chartered accountancy exam in 2018 and completed his articleship with Chaturvedi and Shah. ... more

Question by Micheal F on Jul 06, 2023Hindi

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How will I be taxed if I inherited shares from my mother after she passed in 2020, She had purchased Indusind and BOI shares long before 2018

Ans: The shares will be passed on to you from your mother at the cost she purchased them.
You will be taxed at the time of sale of these shares and the cost value will be of 2018 and not of 2020

DISCLAIMER: The content of this post by the expert is the personal view of the rediffGURU. Users are advised to pursue the information provided by the rediffGURU only as a source of information to be as a point of reference and to rely on their own judgement when making a decision.

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Greetings, How will I be taxed for inherited shares from my mother after she passed in 2020, She had purchased these shares before 2018.

Ans: The shares will be passed on to you from your mother at the cost she purchased them.
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Hi My mom sold her shares recently for approx 10 lakhs . These shares were purchased around 2003. I need to know the taxation part as I have heard about the grandfathering rule under section 112A

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Asked by Anonymous - Aug 22, 2024Hindi

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I have inherited shares thru Will from my aunt in the year 2008 in the demat form. Since then I have kept as it is & never sold any of the shares as I'm not well versed with the market. Now as there was some urgent expense in the family I had to sell few shares. So Sir, my question is as I have inherited shares by Will, so should I have to pay Capital Gain tax on the sales of shares. If yes then how it is calculated. Please advise.

Ans: 01. There is no issue of inheritance involved in this case, as far as income tax is concerned.
02. If you sell shares, it would be subject to LTCG Tax under Income Tax.
03. Please note that only Gain would be taxed & not gross receipts from sale of shares.
04. There would be a tax exemption of up to Rs.1,25,000.00 per year on LTCG. Beyond this amount, it shall be taxed @12.50%.
05. If LTCG amount is more, then you may plan for certain other exemptions available under the income tax (u/s54F).
Most welcome for any further clarifications. Thanks.

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