Long term capital gain on sale of shares of a listed company
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
28 September 2015
one of my client has purchased shares of a listed company and after that the company was taken over by another listed company by issuing 1:1 share.
The client now afterwards sold the share after 1 year (i.E LTCG) at rs 40 per share which was originally purchased at rs 1 .
further client has filed the itr without showing the LTCG.
what should be the tax implication and procedings of the same and if the case is opened in scrutiny what are the points client can say?
The client now afterwards sold the share after 1 year (i.E LTCG) at rs 40 per share which was originally purchased at rs 1 .
further client has filed the itr without showing the LTCG.
what should be the tax implication and procedings of the same and if the case is opened in scrutiny what are the points client can say?
28 September 2015
file revised return or rectification before the proceedings start
28 September 2015
although AO can do nothing since tax amount will be zero...you can take it to appeal level if he imposes any penalty.
You can claim exemption before CIT(A).
Refer this case
http://indiankanoon.org/doc/718801/
You can claim exemption before CIT(A).
Refer this case
http://indiankanoon.org/doc/718801/
Querist : Anonymous
Querist :
Anonymous
(Querist)
29 September 2015
THANK YOU BHAI IT WAS REALLY HELPFUL
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