Long term capital gain u/s 112a
This query is : Resolved
23 August 2019
DEAR SIR,
ONE OF MY CLIENT PURCHASED 500 SHARES ON 1995 FACE VALUE OF THE PER SHARES 10/-. HE SOLD THE SHARES IN FINANCIAL YEAR 2018-19 WORTH OF RS 216000/- AND 206781/- RS 196065/- AND 210724/- AND 211451/- TOTAL VALUE OF SALE CONSIDERATION IS RS. 10,41021/-.
NOW MY QUESTION IS LTCG IS NOW TAXABLE @ 10%. WE CAN DEDUCT THE FMV AMOUNT AS ON 31/01/2018, U/S 55(2)AC, REMAINING AMOUNT WILL TAXABLE UNDER U/S 112A.
PURCHASE FACE VALUE OF PER SHARE AS ON YEAR 1995 IS RS 10/- SALE VALUE IS RS 2160/- IF FAIR MARKET VALUE OF THE SHARE AS ON 31/01/2018 IS RS. 1900/- DIFFERENCE AMOUNT RS. 260/- TAXABLE UNDER SECTION 112A.
PLEASE CLARIFY ME
REGARDS AND THANKS IN ADVANCE WAITING FOR YOUR REPLIES SIR
ONE OF MY CLIENT PURCHASED 500 SHARES ON 1995 FACE VALUE OF THE PER SHARES 10/-. HE SOLD THE SHARES IN FINANCIAL YEAR 2018-19 WORTH OF RS 216000/- AND 206781/- RS 196065/- AND 210724/- AND 211451/- TOTAL VALUE OF SALE CONSIDERATION IS RS. 10,41021/-.
NOW MY QUESTION IS LTCG IS NOW TAXABLE @ 10%. WE CAN DEDUCT THE FMV AMOUNT AS ON 31/01/2018, U/S 55(2)AC, REMAINING AMOUNT WILL TAXABLE UNDER U/S 112A.
PURCHASE FACE VALUE OF PER SHARE AS ON YEAR 1995 IS RS 10/- SALE VALUE IS RS 2160/- IF FAIR MARKET VALUE OF THE SHARE AS ON 31/01/2018 IS RS. 1900/- DIFFERENCE AMOUNT RS. 260/- TAXABLE UNDER SECTION 112A.
PLEASE CLARIFY ME
REGARDS AND THANKS IN ADVANCE WAITING FOR YOUR REPLIES SIR
Message likes :
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26 August 2019
THANK YOU SIR,
BUT TOTAL LTCG IS 10,41021/- BECOME NON TAXABLE BECAUSE HE IS SENIOUR CITIZEN, I CAN FOLLOW THE SAME FORMULA TO ALL CAPITAL GAIN EARNED IN DIFFERENT DATES.
REGARDS
BUT TOTAL LTCG IS 10,41021/- BECOME NON TAXABLE BECAUSE HE IS SENIOUR CITIZEN, I CAN FOLLOW THE SAME FORMULA TO ALL CAPITAL GAIN EARNED IN DIFFERENT DATES.
REGARDS
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