Aiyer gifted 100 shares to his wife on 1st August, 2013. She received 200 bonus shares from the company in April, 2017. All the shares were sold to a friend for ₹1,50,000 in May, 2018. The 100 shares were originally acqu

CS Executive · Tax Laws and Practice · PYQS · June 2019
Aiyer gifted 100 shares to his wife on 1st August, 2013. She received 200 bonus shares from the company in April, 2017. All the shares were sold to a friend for ₹1,50,000 in May, 2018. The 100 shares were originally acquired by Aiyer for ₹5,000. The capital gain on sale of shares in the month of May, 2018 shall be chargeable to tax:
(A) fully in the hands of Aiyer
(B) fully in the hands of Mrs. Aiyer
(C) for 100 shares in the hands of Aiyer and balance 200 shares in the hands of Mrs. Aiyer
(D) for 200 shares in the hands of Aiyer and balance 100 shares in the hands of Mrs. Aiyer

Answer & Explanation:

Correct Answer: Option (C)

Official answer key: (C).

Topics: Income Tax Act, 1961

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