Transfer of Securities

POSTED BY Arun ON December 29, 2010 11:18 am COMMENTS (3)

Hi Friends,

Is it possible to tranfer all my Securities from my Demat account (ICICI) to my wife’s Demat (HDFC) account? technically I think it should be but not sure, can some one provide some guidance on this ? Are their any TAX implications on any side ? Do I loose anything ? How long does it take ? Any other suggestion ?

Thanks

Arun

3 replies on this article “Transfer of Securities”

  1. Arun says:
    December 29, 2010 at 11:48 am

    Hi Manish,

    Thanks, can you please provide some details/link on “Gifting the shares”. Again are their any charges or TAX ?

    Thanks
    Arun

    Reply
    1. Manish Chauhan says:
      December 30, 2010 at 11:49 pm

      http://www.financialexpress.com/news/gift-shares-are-taxable/217427/

      Reply
  2. Manish Chauhan says:
    December 29, 2010 at 11:44 am

    Its not a plain transfer as its from person A to person B .

    Transfer of securities from one account to another account can be effected through off-market transactions (i.e. without routing through the broker or stock exchanges) by furnishing the depository participants idendity number and the client idendidty no.

    The duly filled in slip is to be submitted to the concerned DP with whom you have the demat account. The transfer is effected by NSDL after receiving the executed document forwarded by the DP on behalf of the Client.

    Charges are applicable and the transferor will have to disclose the market value of the shares intended to be transferred in a separate form which is to be annexed along with the off-market transfer slip.

    I would suggest try to see another option like gifting the shares to your wife .

    What are other suggestions !

    Manish

    Reply

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