Sale of Shares of Pvt Ltd
This query is : Resolved
Bipin Damania
(Querist)
28 August 2009
Mr A is holding 10% shares of company X Pvt Ltd. company X Pvt Ltd is taken over by One Multinational company. Mr A has handover shares to multinatiuonal co and received consideration for the same. Mr A's books shows profit of Rs. 7 lacs.
i) is it treated Long term capital gain?
ii) or sale of goodwill?
iii) Now what will be the amount of Tax Mr A has to pay?
Please reply.
i) is it treated Long term capital gain?
ii) or sale of goodwill?
iii) Now what will be the amount of Tax Mr A has to pay?
Please reply.
Aditya Maheshwari
(Expert)
28 August 2009
If the shares have been held for more than one year as investements then tax will have to be paid on the receipts less the indexed cost of acquisition and the same will be taxed @ 20%
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