Tax treatment of Cairns Preferential Shares
This query is : Resolved
16 August 2017
I got 4000 Preferential shares of cairn India which is now merged with Vedanta. i got allotment few days bak. if I sell them now do I need to pay short term capital gain or this sell is exempted ? Please advise
CA Suresh Jain
(Expert)
16 August 2017
What is the date of allotment of Pref. shares of Cain originally allotted, what is the date of conversion and what is date of sale ?
16 August 2017
Preferential share allotted on 10 August 2017.
Sale is not yet done since these are allotted just a week back. but those are allotted on account of cairn merging with Vedanta. Original shares(1000 nos were bought in 2012) and post merger I got 1000 shares of Vedanta and 4000 preferential shares with 7.5%interest getting matured in Oct 2018.
CA Suresh Jain
(Expert)
17 August 2017
In your case share profit shall be taxable on the date of sale/maturity
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