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LONG TERM CAPITAL GAIN

TRILOCHAN (SENIOR ACCOUNTANT) (698 Points)

29 April 2010

Dear All

Please help me,

One of my client have a DMAT account, before opening the DMAT account he hold some shares in PAPER form in 2007. during F.Y.2009-10 he has sold this shares though DMAT account, He has the Sales broker note, but doesn't poseses even the xerox copy of the share certificate.

For filing of ITR for F.Y. 2009-2010, how he will be calculate the Lonf term capital gain, if the original share purchase documents is not traceable, if i will add the sales consideraion of that shares in CAPITAL , then what is the problem.

Please inform me the other way to followes to file the ITR with lower risk

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4 Replies

Aditya Maheshwari (CA in Practice) (35867 Points)
Replied 29 April 2010

The original cost of acquisition of shares in physical form will be the cost of acquistion of shares. The sale consideration less the cost will be the long term capital gains to be shown in the ITR as exempt income. So the most important thing required will be the original cost of purchase of shares

CA Shiv (Business Controller) (2987 Points)
Replied 29 April 2010

yes agree with aditya.. Its a long term capital gain but you will need the date of cost of acquisition.. cost of purchase of shares....may be the bank entry or anything can help you out....