I had a joint demat account with my wife. I have opened individual demat account and transferred shares purchased by me over the years from the joint account to my individual demat account in April 2022. I sold a couple of shares in April and made profit.
Will Capital Gain Tax be applicable w.e.f. date of purchase or from date of share transfer?
I am retired now and income from pension and investments will be around Rs 2.5 lakh for financial year.
Ans: The capital gain tax will be applicable on date of purchase and not on date of transfer. If your wife has made some contribution towards purchase of the shares, you can consider it as a gift to you.
In this case also, the date is not going to be impacted.