Declaration under black money act

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

23 August 2015 My client was allotted 1000 shares @ $8.68 under ESOP by his foreign employer in India during the period 2002-2005. In 2007 he moved to Australia and continued to work for the same employer. He resigned and returned to India in Jan 2011.As per company rules he was required to exercise his right (ESOP) within 90 days of leaving the company. He exercised his right on 4th April 2011 wherein he sold 300 shares to pay the grant price and retained 700 shares and $1000 in the trading account.In that year since the ex employer did not deduct any tax, the perquisite (FMV$30 -Grant$8.68)*1000 was omitted to be declared in the IT Returns of AY 2012-13.

In Dec 2015, he sold all the shares and remitted the money back to India. He wants to declare the capital gains (Sale Price$40- FMV$30)*700 in his IT Returns.

Since the income was not declared earlier he wishes to declare the same under the compliance window.

My question is-
Can he declare ($30-$8.68)*1000 * current Dollar Rate under compliance window and show Capital Gains ($40-$30) in his normal IT returns?

Amol S Joglekar

Amol S Joglekar (Expert)
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23 August 2015 Yes, he can very well do so. Even he can consider the dollar rate as on 04/04/2011

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