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How to show include investment in shares in individual books

Tax queries 339 views 1 replies

Hi,

 

I had invested in shares around 16 years back but did not show it as an investment in my balance sheet since then. I had paid cash for these shares and do not have any proof of purchase. These share are in my demat account. I would like to know the following things-

1.If i sell these shares will there be any tax implication on this?

2. How can I bring this in my books?

3.won't this be called as a long term gain if I sell it now?

Thanks in advance.

Replies (1)
1. Stt and other charges to be borne on sale. 2. Dr investment in shares Cr Capital Introduced ( under capital account ). 3. It will be long term capital gain and shall be exempt from tax if stt paid and sold through recognised stock exchange.


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