Gift of shares
Raj
(Querist) 29 June 2013
This query is : Resolved
I wish to gift some shares to my sister inherited by me from my mother.
She is a holding a demat account as a second holder the first holder being her husband(my brother-in-law)Can I transfer shares to this demat account
I seek expert advise please
ajay sethi
(Expert) 30 June 2013
if your sister is holdi ng a joint demat account with her husband then shares would be transferred in both the names . contact your bank wherein you are holding demat account . they will guide you on the procedure for transfer of shares
prabhakar singh
(Expert) 30 June 2013
Simply make your sister nominee in your DEMAT a/c ,she would get all after you as per law of Companies act.
I would not advise to transfer it in husbands demat a/c joint with your sister.
Better get opened a fresh demat in her name if you want to transfer at once in her name.
Tax incidence may arise in off market transaction which your broker may address.
DEMATS ARE NOT MAINTAINED BY BANKS RATHER THESE ARE FUNCTIONS OF DEPOSITORIES.
