|Originally posted by : Dhirajlal Rambhia
|| @ jituparmar.....
Please work out the loss or gain of each scripttt in an excel sheet with different options of grandfathering rate higher or lower of coa and amount finally received.
Once you are clear in the concept of granfathering, you will not find any difficulty in the utility.
Its perfect, and good that CPC has provided such a convenient tool in the utility.
A tangential question..
what does one do if cost of acquisition is unknown if some scrips which were acquired 30/40 years back. Any suggestions?
here is my thinking:
1. There is no doubt the tax liability will be based on the 31-jan-2018 fmv, since that will be higher than acquisition cost. So I can compute tax correctly.
2. However as matter of reporting I also have to specify the original cost of acquisition, as the itr has a column for it.
3. Given that I do not know the cost of acquisition, I am planning to enter it as 0. This essentially means I am reporting the whole sale consideration as profit and offering it taxation. But this will not change my tax liability due to grandfathering.
Does that sound reasonable to you?
Will my returns be considered defective if I enter cost of acquisition as 0?