Respected Sir/Madam,
My father transferred some of his shares of a few companies on my name. I have a demat account as a primary holder and I hold shares of a few companies in my account. I have been holding those shares for more than 3 years now.
Say for example the valuation of those shares is currently 3 Lacs. Now if I sell those shares, I get say around 3 lacs (excluding say brokerage etc).
What I need to understand is..
1. Is the amount of 3 Lacs taxable under capital gains?
2. If yes, what should be considered as the purchase price of those shares? I never spent any money from my pocket in purchase and now it’s not possible for me to even know the purchase price of those shares.
Thanks and regards,
Rajesh
CAclubindia
