Purchase Date and Purchase Value of Gifted Shares

Zerodha
1

Hi Team,
My father, in contemplation of death, due to sickness initiated an off-market transaction for transfer of his long-term (since 2008) holdings to my Zerodha Account.

These shares show a discrepancy where Purchase date and price are missing. My Father’s demat a/c provider SBICap Securities has not been able to provide me exact details. My query -

  • How can I get the Purchase Date and Price to clear this discrepancy?
  • Secondly, I understand that these will be non-taxable in my father’s account, but when I sell these, I’ll have to pay 10% tax as LTCG. Is that a fair understanding?
  • If yes, what documentation would I require while filing my ITR (please note, my father is no-more).

Please guide.

2

My dad Bought shares in IPO for 15,000, then they gifted me which I sold for 20,000. Short term capital gain what should i be careful while Filing income tax @Quicko and What price should I set for those shares in zerodha due to Holdings discrepancies ERROR? @Ragavendran_M

3

Hi @EasyMoney

We’ve explained about this in detail in our support article -

4

nothing mention about Holdings discrepancies ERROR

5

Hi @EasyMoney ,

the stock’s closing price on the day it’s transferred is considered the exit price for the person gifting it, and the same becomes your entry price when you receive the gift.

Further, the average price and P&L get updated within 3 working days. You don’t have to do anything. You can check the details here: Why is the buy average price not updated for stocks received as gifts through Console?

If it’s been more than 3 days, please DM me your Client ID. I’ll get it checked.

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