10 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.
11 October 2009
but sir no indexation for this calculation for original shares =100000*582/100=582000 i got to know that bonus shares acquired prior 1/4/1981 is the fmv on 1/4/1981 coa of bonus I shares=8*500*582/100=23280. Is this right
Yes Amruta.. you will get the benefit of indexation on the Long Term capital Asset...
And in case of any bonus shares acquired prior to 1.4.1981, the FMV as on 1.4.1981 may be taken as Cost of acquisition...So your calculation of COA is absolutely correct.
Case (ii) Since the shares are sold outside the recognised stock exchange you have the two options:
a)Take the benefit of indexation and pay Tax @ 20 %
CAclubindia
