03 January 2011
Mr A & Mrs A were holding 1000 shares @ cost of rs 1 lakh, in a pvt ltd co., in joint capacity where Mr A was the 1st holder. In this case Mr A made whole of the investment in the year 2002. Mrs A is a housewife and does not have any income in any of the year. In Dec 2010 Mr A sold whole 1000 shares for rs 30 lakhs. My query is 1)Can the capital gain arising from sale of these shares be divided among Mr A & Mrs A equally? If so please mention the provisions or citations. & if not then why?
03 January 2011
@ Ram Bahadur Sah... Sir may I know the reason. 1)Is it because Mr A has invested wholly and Mrs A doesn't have any income? OR 2)Is it because the investment was made jointly & Mr A is the 1st holder?
CAclubindia
