Cost of acquisition
This query is : Resolved
$rishti Negi
(Querist)
19 July 2012
If an individual sold his shares @ Rs. 70 but he had purchased these shares @ Rs. 200 but in the books of a co. the value of shares is Rs. 30
Now assessing officer is telling that the individual had earned an gift income of Rs. 40(70-30)
But as per individual it is a loss of rs. 130(200-70) for him
So whether the assessee has to pay tax as per assessing officer or he can claim capital loss
plz ans as soon as possible and also reffer the relevant section
Now assessing officer is telling that the individual had earned an gift income of Rs. 40(70-30)
But as per individual it is a loss of rs. 130(200-70) for him
So whether the assessee has to pay tax as per assessing officer or he can claim capital loss
plz ans as soon as possible and also reffer the relevant section
CA PARAS BAFNA
(Expert)
19 July 2012
Explain the position to AO.
.
The Individual can claim capital loss.
.
.
The Individual can claim capital loss.
.
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$rishti Negi
(Querist)
19 July 2012
kindly reffer the relevant section for this
CA PARAS BAFNA
(Expert)
19 July 2012
You can clarify the position with the help of Section 56(2)(vii)(c)(ii). Please go through it.
.
For calculation of Capital Gains you may refer Section 45 and 48.
.
For calculation of Capital Gains you may refer Section 45 and 48.
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$rishti Negi
(Querist)
19 July 2012
what will be the ans if assessin officer is treatin Rs. 40 as capital gain not gift income
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