Tax implications of ltcg shares
This query is : Resolved
21 March 2015
hello all my client recd a chq of rs 22lacs from sale proceeds of asian paints shares wch he purchased 30 yrs back for a value of rs 1lac though ltcg is exempt but th shares not shown in balsheet .he wants to purchase a shop from sale proceeds.kindly guide me trough th tax implications and scrutiny matters
21 March 2015
As the shares were purchased more than 30 yrs back no scrutiny and source will inquired. It will be exempted from tax.
22 March 2015
you have to declare this Income under exempt income in ITR. share certificate or demat details will suffice as evidence.
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