In the history section of Gift.
We see there is status for each transfer.
Kindly update the z-connect thread with meaning of each different status message. So that individuals can know & understand the current status of Gift.
May be workflow of change in status can be updated so that people don’t keep asking trival questions on process.
Typically how many days it takes to update P&L?
It is been 2 working days it is not updated yet…Status says Stocks Transferred. @ShubhS9@TheGouda@siva-reddy
Any update on this ?.. It is more than 7 working days still P&L is not updated.
Any timeline for the update ?
Kindly update the z-connect thread with meaning of each different status message. So that individuals can know & understand the current status of Gift.
But one / two transactions it is fine i can write it somewhere … I am planning to do multiple gift transactions so it becomes difficult to remember all the transaction buying price .
( as I am already in 30% tax bracket I am planning to move my entire stocks to my wifes account )
There are different ways to account for this. For P&L purposes, we consider at X+Y the stock was sold, and X+Y is the acquisition price for the person who received the gift.
The other way to do it is that the person receiving the gift says that the acquisition price is X and whenever the stock is sold pays taxes on selling price - X. When you gift within your immediate family, the gift is non-taxable event.
Father has X script at 126 Buy average. On the day of gifting the share to son price is 156. So now if the sons buy average after the gift is received is 156 then where is the profit of share from 126 to 156 ? Will it be added to the funds of Father ?
The fathers P&L will show buy 126 and sell 156 (gifted trade). So the profit will show up in fathers account.
But like I said earlier, this is for our P&L purpose. For taxation purpose you can show acquisition price as 126 if the gift is from father. Whenever the son sells, tax can be paid by the son based on acquisition price as 126.
