According to reports, Infosys founder N.R. Narayana Murthy gifted Infosys shares worth more than Rs 240 crore to his four-month-old grandson Ekagrah Rohan Murty.

While the specifics of this share transfer are unknown, gifts, like other forms of income, are taxed in certain circumstances. However, there are several situations in which gifts may be tax-exempt.Section 56 of the Income Tax Act now governs how gifts are taxed in the hands of the recipient.

Money gifts, immovable possessions, and defined moveable properties received for no or insufficient compensation from non-relatives are considered presents. The value of them is classified as income from other sources and taxed according to your applicable income tax bracket. If the gift goes to a minor, the parent or legal guardian is responsible for the tax.

What do we know about Narayana Murthy’s grandchildren?

Narayana Murthy and Sudha Murthy became grandparents in November, when their son Rohan Murthy and his wife Aparna Krishnan welcomed a newborn boy named Ekagrah. The Murthys, grandparents of UK Prime Minister Rishi Sunak and Akshata Murty’s two daughters, welcome their third grandchild.

Also Read about Narayana Murthy’s Infosys Journey.

Narayan Murthy and six other co-founders founded Infosys in Pune, India, in 1981 with the goal of offering high-quality software services. From 1981 to 2002, he served as CEO of Infosys, which expanded into a multinational firm that provided consulting, technology, and outsourcing services to clients worldwide. He was the Chairman of Infosys from 2002 until 2011.

Murthy is noted for his integrity, ethical leadership, and dedication to corporate governance, which have helped Infosys earn global reputation. He has earned various medals and honours for his services to the IT sector and philanthropy, including the Padma Vibhushan, India’s highest civilian award.

Aside from his corporate accomplishments, Narayana Murthy is involved in a variety of humanitarian activities and is on the boards of several educational and charitable organizations. He remains a prominent figure in Indian business and technology, advocating for innovation, entrepreneurship, and inclusive development.

Infosys shares are the publicly traded shares of Infosys Limited, a multinational firm that offers consulting, technology, outsourcing, and other IT services. Infosys is traded on Indian stock exchanges such as the Bombay Stock Exchange (BSE) and the National Stock Exchange of India (NSE), as well as international platforms such as the New York Stock Exchange (NYSE) and Euronext Paris.

Infosys shares are widely traded by investors all over the world, and the financial community closely monitors the company’s performance and stock price due to its importance in the Indian IT industry and the worldwide technology sector.