{"id":3072,"date":"2019-12-11T10:18:13","date_gmt":"2019-12-11T04:48:13","guid":{"rendered":"https:\/\/aktassociates.com\/blog\/?p=3072"},"modified":"2020-01-09T16:55:52","modified_gmt":"2020-01-09T11:25:52","slug":"transfer-of-share-from-nri-to-nri","status":"publish","type":"post","link":"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/","title":{"rendered":"Transfer Of Share From One Non Resident to Another Non Resident"},"content":{"rendered":"<p><span style=\"font-weight: 400;\">Where the NRI has transferred the shares which are listed in India to another NRI, then they have to comply with the certain provisions of the Act. In this article, we will discuss and understand the provisions of sections of those acts, which states about the transfer of shares:<\/span><\/p>\n<p><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3076\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/NRI-Share-Transfer-and-Purchase.jpg\" alt=\"NRI-Share-Transfer-and-Purchase\" width=\"700\" height=\"400\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/NRI-Share-Transfer-and-Purchase.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/NRI-Share-Transfer-and-Purchase-300x171.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/NRI-Share-Transfer-and-Purchase-20x11.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_66_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title \" >In this article, we will discuss about...<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #1e73be;color:#1e73be\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #1e73be;color:#1e73be\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-toggle-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/#As_per_the_Foreign_Exchange_Management_Act_1999_FEMA\" title=\"As per the Foreign Exchange Management Act, 1999 (FEMA)\">As per the Foreign Exchange Management Act, 1999 (FEMA)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/#As_per_Companies_Act_2013\" title=\"As per Companies Act, 2013\">As per Companies Act, 2013<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/#As_per_the_Stamp_Act_1899\" title=\"As per the Stamp Act, 1899\">As per the Stamp Act, 1899<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/#As_per_the_Income_Tax_Act_1961\" title=\"As per the Income Tax Act, 1961\u00a0\">As per the Income Tax Act, 1961\u00a0<\/a><\/li><\/ul><\/nav><\/div>\n<h3><span class=\"ez-toc-section\" id=\"As_per_the_Foreign_Exchange_Management_Act_1999_FEMA\"><\/span><b>As per the Foreign Exchange Management Act, 1999 (FEMA)<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per Regulation 9(2)(ii) of <a href=\"https:\/\/aktassociates.com\/blog\/fema-and-fera-rules-for-nri\/\">FEMA<\/a> (Transfer or Issue of security by a person resident outside India) Regulations, 2000 read along with Regulation 8(B)(I)(b) of the Master Circular on FDI in India (2015-2016), there is a general permission has been granted for the transfer of shares or bonds or debenture of an Indian company by one Non-Resident Individual to another Non Resident individual.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Although, if the shares are being transferred from NRI (<a href=\"https:\/\/aktassociates.com\/blog\/checklist-for-nri-before-filing-returns-in-india\/\">Non-Resident Indian<\/a>) to NR (Non-Resident), then it would be compulsory to take the approval of the Reserve Bank of India. However, there is no prescribed requirement has been made by the RBI for reporting in this regard under this act.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"As_per_Companies_Act_2013\"><\/span><b>As per Companies Act, 2013<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Although there is no reporting requirements have been specified by RBI, <\/span><span style=\"font-weight: 400;\">Section 56<\/span><span style=\"font-weight: 400;\"> of the companies Act, 2013, has to be complied with. Either the transferor of the Shares (Seller) or the transferee (Buyer of the Shares) must, in order to effectuate the share transfer, deliver the Share transfer form (SH-4) which should be duly stamped, dated and executed and it should be delivered within 60 days of the date of execution along with the share certificate to enable the Company whose shares are being transferred, to do the needful and update its Register of Members.<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"As_per_the_Stamp_Act_1899\"><\/span><b>As per the Stamp Act, 1899<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">Section 21<\/span><span style=\"font-weight: 400;\"> of the Indian Stamp Act provides that for transfer of shares there is a requirement for the payment of duty which should be paid in accordance with Article 62 of Schedule 1, on the transfer of shares (with or without consideration) in an incorporated company or any other body corporate\u00a0at such rate as may be prescribed for every Rs.100 or part thereof of the value of the share.<\/span><\/p>\n<h3><a href=\"https:\/\/aktassociates.com\/nri-lower-tds-certificate-sale-of-property-in-india\"><img loading=\"lazy\" decoding=\"async\" class=\"aligncenter size-full wp-image-3079\" src=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2.jpg\" alt=\"NRI\" width=\"700\" height=\"150\" srcset=\"https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2.jpg 700w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2-300x64.jpg 300w, https:\/\/aktassociates.com\/blog\/wp-content\/uploads\/2019\/12\/Blank-700-x-150-2-20x4.jpg 20w\" sizes=\"(max-width: 700px) 100vw, 700px\" \/><\/a><\/h3>\n<h3><span class=\"ez-toc-section\" id=\"As_per_the_Income_Tax_Act_1961\"><\/span><b>As per the Income Tax Act, 1961\u00a0<\/b><span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As per Sec. section 9(1)(i)(d) of the Income Tax Act, 1961, any income which has been accrued or arising, whether directly or indirectly, through the transfer of a capital asset situated in India shall be deemed to accrue or arise in India.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Hence, on the transfer of shares of an Indian company from one NRI to another company, the resultant capital gains on such sale of shares of an Indian company shall be taxable in the hands of an NRI.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Also, TDS (tax deducted at source) requirement shall also apply to the NRI and such TDS shall be treated as Withholding tax. Also, the seller NRI shall have to obtain a certificate from the Assessing Officer.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per the proviso to section 48, NRIs shall not be eligible for Indexation benefits and deductions, although, they can avail of the benefits from DTAA (Double Taxation Avoidance Agreement).<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Under DTAA, two methods are prescribed to claim relief on tax i.e. exemption method and tax credit method.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">In the exemption method, NRIs shall be taxed in only one country and exempted in another country, whereas in the tax credit method, income shall be taxed in both countries, the NRI can claim the tax relief in the country of residence.<\/span><\/p>\n<p><span style=\"font-weight: 400;\">There is one more benefit available for NRI in which there is a special provision which exempts NRIs from <a href=\"https:\/\/aktassociates.com\/blog\/income-tax-return-filing\/\">filing a tax return<\/a> and if their sources of income are from India include only investment income and LTCG(Long Term Capital Gain)<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Till above, we have discussed the share transfer. Now let\u2019s understand the tax effect when NRI transfer the securities other shares to another NRI<\/span><\/p>\n<p><span style=\"font-weight: 400;\">As per section 47 of Income-tax Act, 1961, following securities shall be exempt from Income tax when the same has been transferred by one NRI to another NRI<\/span><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">bonds or Global Depository Receipts referred to in sub-section (1) of <\/span><span style=\"font-weight: 400;\"><a href=\"https:\/\/aktassociates.com\/blog\/section-115baa-new-tax-rate-for-domestic-companies\/\">section 115<\/a>AC<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">rupee denominated bond of an Indian company<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Derivative<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Government Security carrying a periodic payment of interest made outside India through an intermediary dealing in settlement of securities<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">such other securities as may be notified by the Central Government in this behalf<\/span><\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Where the NRI has transferred the shares which are listed in India to another NRI, then they have to comply &#8230; <\/p>\n<p class=\"read-more-container\"><a title=\"Transfer Of Share From One Non Resident to Another Non Resident\" class=\"read-more button\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/#more-3072\">Read more<span class=\"screen-reader-text\">Transfer Of Share From One Non Resident to Another Non Resident<\/span><\/a><\/p>\n","protected":false},"author":4,"featured_media":3075,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[107],"tags":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.8 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Transfer Of Share From One Non Resident to Another Non Resident<\/title>\n<meta name=\"description\" content=\"Treatment of transaction of transfer of Shares by NRI to NRI under FEMA Reporting requirements as per Company&#039;s Act, 2013 Prior approval of RBI Stamp duty charges at the time of transfer Tax Implication on the transfer of shares and other security\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/aktassociates.com\/blog\/transfer-of-share-from-nri-to-nri\/\" \/>\n<meta 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