What will be the date of acquisition of shares in the following example.
A purchases shares of a listed Co,off market, on 25th March 2011 vide sale bill dated 25th March 2011, and issues a cheque dated 30th March 2011.The cheque gets cleared on 29th April 2011 and the shares come to his D’mat account on 30th April 2011.
Whether the date of acquisition will be 25th march ,30th March,29th April or 30Th April
Date of Purchase is obviously 25th march 2011 as evidenced by the off market Sale bill. 30th march and 29th April have no relevance as they are only related to the mode of payment for purchase. 30th April the date on which the shares were credited in D mat account is also not relevant as it is only a change in the form in which the shares are held.
Gupta Sachdeva & Co. Chartered Accountants
New Delhi
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