what is the cost of acquisition in ESOP/ ESOS?

This query is : Resolved

Morning star (Querist)
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16 June 2010 Is the shares acquired under ESOP/ESOS liable to capital gains tax even if the same has been taxed under perquisites and included in salary income in the year of such allotment?

what is the cost of acquisition in such a case ?

a. FMV of the shares as on the date of allotment

or

b. Value of perquisities taxed in the hands of employee

Morning star

Morning star (Querist)
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16 June 2010 Let me give an example

Mr.X receives 100 shares under ESOP from his employer free of cost. His employer has included this under fringe benefits to the tune of Rs. 15000 and included the perquisite u/s 17(2) as Salary Income. If Mr. X exercises the option and sells the shares at Rs. 120 each, then

1. what is the cost of aquisition ?

2. What is the amount of capital gains ( assuming short term)?