Securities received as inheritance are exempt from tax. Also, if you move your shares from one account to another, there is no tax implication. The transfer of shares to accounts of specified relatives (spouse, parents, siblings, children and other lineal relatives) are also tax-exempt. Any asset transferred to a nonrelative is treated as a gift and is taxed along with the recipient's income if the value exceeds Rs 50,000 in a year. There are tax implications even if it is not a gift. If the transfer involves payment by the receiver, it is treated as a private deal and any capital gain accruing to the owner is taxed as income at the normal rate. This is because off-market transactions are not routed through an exchange and, hence, do not attract a securities transaction tax (STT).