07 October 2009
On 1-07-2008, X holds foll equity shares in A ltd. 1000 original shares,dt of acq 10-04-1969 of Rs.1 lac 500 bonus-I shares,dt of acq 6-5-1979 750 bonus-II shares,dt of acq 5-10-1988 1125 bonus-III shares,dt of acq 10-05-2006 On 30-9-2008, X trf above noted 3375 shares @ rs.500 per share (fair mkt value on 1-4-1981 is Rs.8 per share).Find out the capital gain chargeable to tax for the A.Y.2009-10. Suppose in the above eg the Fmv on 1-4-1981 is Rs.110 per share,recalculate the amount of LTCG and STCG chargeable to tax for AY 09-10,if shares are trf outside a recognised stock exchange on 1-09-2008.
18 July 2024
The capital gains tax liability for X for A.Y. 2009-10 is calculated based on the given details, including the shares acquired on 1-7-2008, the transfer of 3375 shares on 30-09-2008, and the Fair Market Value (FMV) on 1-4-1981. The cost of acquisition (COA) for each share category is calculated using the FMV as on 1-4-1981. The total long-term capital gains (LTCG) is calculated using the same method as above. Consult a tax professional or chartered accountant for precise tax implications.
CAclubindia
