Are there any tax implications when shares are gifted to husband or to wife

Ans: Yes, there are tax implications when shares are gifted to a spouse. Here are some important points to consider:

No tax is applicable on the transfer of shares between spouses as long as the transfer is a gift and not a sale.
However, any income or capital gains arising from the gifted shares will be taxable in the hands of the spouse who receives them.
If the gifted shares are sold by the recipient spouse, any capital gains arising from the sale will be taxable in their hands.
In case the gifted shares are of a listed company, the recipient spouse will be liable to pay securities transaction tax (STT) at the time of sale.
It is advisable to keep proper documentation of the gift, including the date of transfer, the number of shares transferred, and their fair market value at the time of the transfer.
It is recommended that you consult a qualified tax professional for more detailed advice on your specific situation.