dear paka batra I have purchased shares of pvt ltd on my wife's name in 2008,and sold in nov 2010 in off-market i.e not through nse/bse. Is it taxable or not. if so what is the procedure to avoid the tax through savings.pls give me reply immediately -----mmk gandhi vizag
1 Answers
As it was a off-market transaction, it will be considered as short term gain, as asset was sold before three years.
This short term capital gain will be added to your wife's income for the year, and will be taxed at a rate as per her applicable tax slabs.
There is no way to save income tax on this short term gain.
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