A son, who moved abroad for work, transferred shares worth Rs 30 lakh to his father through an off-market transfer, which he had bought with his salary income over the years. The man did so thinking that he shouldn't continue holding a resident demat account after becoming an NRI, the person posted on Reddit.
However, what surprised him was the Rs 34 lakh value in his AIS. This, he believes, have been double reported once by the mutual fund/RTA and once by CDSL. In such a scenario, does the father need to report the same in his income tax return, even though gifts from such relatives are tax-exempt?
