A person resident outside India can transfer any security to a person resident in India by way of gift. - Procedure?
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Mirza
Jul 29, 2012, 11:51:49 PM7/29/12
to 4THMSOP.ICSIHYD
Hello all,
Request you to answer my query:
The following is extracted from the Master Circular on Foreign
Investment in India :
A person resident outside India can transfer any security to a person
resident in India by way of gift.
Pls brief me about the procedure to be followed under FEMA for such a
transfer.
Ex: Mr. A an NRI holding 20,000 Equity Shares in a Public Limited
Company, Now Mr. A wants to sell his entire shares to another
shareholder which is a Company. now, can we avoid payment of
withholding tax by transfering those shares in the form of GIFT.
Because the price at which Mr. A Purchased was Rs. 10/- Per Share, but
now the he is selling with a profit of 6.50 per shares.
Regards,
Mirza
Request you to answer my query:
The following is extracted from the Master Circular on Foreign
Investment in India :
A person resident outside India can transfer any security to a person
resident in India by way of gift.
Pls brief me about the procedure to be followed under FEMA for such a
transfer.
Ex: Mr. A an NRI holding 20,000 Equity Shares in a Public Limited
Company, Now Mr. A wants to sell his entire shares to another
shareholder which is a Company. now, can we avoid payment of
withholding tax by transfering those shares in the form of GIFT.
Because the price at which Mr. A Purchased was Rs. 10/- Per Share, but
now the he is selling with a profit of 6.50 per shares.
Regards,
Mirza
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