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Query - Closed Demat Account with Sharekhan and Transferred Equity Shares in Upstox

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sahil1033

sahil1033

TF Premier
My mother had a demat account with Sharekhan and recently I got it closed and transferred all the equity shares from Sharekhan to Upstox demat account.

The issue I'm seeing is, the equity shares that were transferred from Sharekhan to Upstox 2-3 days back, only the quantity is displayed in 'Holdings' section. There's no mention on average buy price, LTP, P&L and even in invested value, they're not included.

Is this normal? If no, how can I get it rectified?

Someone who has gone through similar experience, kindly advise.
 
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xywowowvw said:
this is normal
when you transfer shares
the shares wont get transffered at your buy price
the transfer settelement day closing price become the new buying price
Click to expand...
okay

but does that mean if I sell any of the transferred share, let's say, today, I'll be charged STCG on it even if it has been bought 1 year prior from today since you've mentioned settlement day closing price becomes new buying price?
 
sahil1033 said:
My mother had a demat account with Sharekhan and recently I got it closed and transferred all the equity shares from Sharekhan to Upstox demat account.

The issue I'm seeing is, the equity shares that were transferred from Sharekhan to Upstox 2-3 days back, only the quantity is displayed in 'Holdings' section. There's no mention on average buy price, LTP, P&L and even in invested value, they're not included.

Is this normal? If no, how can I get it rectified?

Someone who has gone through similar experience, kindly advise.
Click to expand...

I know you asked this a year ago. So you probably already know it by now. But I'm adding the link to help new members who may have the same query and who haven't tried it out. You can update all the parameters for the transferred shares in Upstox

Regarding your other query, STCG/LTCG etc are to be calculated on the original purchase date. Disclaimer: I am not a CA. I am going to do it this way when I transfer. I referred to this: https://www.kotaksecurities.com/inv...fer-shares-from-one-demat-account-to-another/
 
Last edited:
Copycat said:
I know you asked this a year ago. So you probably already know it by now. But I'm adding the link to help new members who may have the same query and who haven't tried it out.

Regarding your query, STCG/LTCG etc are to be calculated on the original purchase date. Disclaimer: I am not a CA. I am going to do it this way when I transfer
Click to expand...
You are right. STCG/LTCG is based on actual acquistion date. The AIS in future will show transfer entry of these stocks.

For tax purpose his mother will be taxed according to profit booked. The real date of acquisition will remain same.

In 2022, I transferred using eDIS from my father's account to mother's account and had to manually update entry in portfolio and date of purchase. In demat/trading account it doesn't matter whether you add it or not as it serves no purpose other than showing you P/L. Taxation and its calculation is always in your hands and PAN holder from whom demat account stocks are finally sold.
 
sahil1033 said:
yes, you can but in my case, I had to visit for some signature or something similar but you can initiated closure request online for sure as far as I can recall
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While initiating the closure request online, do we get an option to fill the details of where the shares should be transferred?
 
percolate said:
While initiating the closure request online, do we get an option to fill the details of where the shares should be transferred?
Click to expand...
Mostly you have to transfer first before closure. I am not aware of any demat provider, which at time of closure give you option to do so. You need to have eDIS facility active (for online transfer) or fill phyical DIS instruction slip and give it to your demat provider branch.

P.S: I don't have sharekhan account so can't tell much with surety. So shared regular process I followed till now.
 
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