reqd tax treatment on old shares cerficate dematralised and sold today?
This query is : Resolved
17 January 2008
one person has purchased shares in form of physical cerficates.He sees that those companies are now being traded n wents for dematralisation of cerficates.
he sales the shares now in jan 2008, what will be tax implication?
Even tell me what date we should consider either cerficates date or dematralisation date in case of calculating LTCG or STCG?
Regards,
Vikram Ranka
he sales the shares now in jan 2008, what will be tax implication?
Even tell me what date we should consider either cerficates date or dematralisation date in case of calculating LTCG or STCG?
Regards,
Vikram Ranka
19 January 2008
The date of purchase of shares shall be considered for the purpose of calculating the period of holding. If the shares were held for 12 months prior to sale then the same will be treated as a long term capital asset. The date of dematirialisation is irrelevant in this context.
19 January 2008
sir,
date of aquiring original shares can be taken for reckoning the period of holding- but if on a future date your case is taken up for scrutiny and if the AO wants to prove the date of aquiring the shares , you will find it difficult to prove it. SO KEEP PHOPTOSTAT COPIES OF THOSE SHARE CERTIFICATES BEFORE SUBMITTING THEM FOR DEMATERIALISATION.
date of aquiring original shares can be taken for reckoning the period of holding- but if on a future date your case is taken up for scrutiny and if the AO wants to prove the date of aquiring the shares , you will find it difficult to prove it. SO KEEP PHOPTOSTAT COPIES OF THOSE SHARE CERTIFICATES BEFORE SUBMITTING THEM FOR DEMATERIALISATION.
20 January 2008
Thanks a lot sir .. you gave superb suggestion by saying that we have to keep phoyo copy of shares certificates to prove in future ...
Regards,
Vikram RAnka
Regards,
Vikram RAnka
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