One person suppose to buy shares in 2008 from share broker through contract notes in cash. He do not have share certificates. Exemption u/s 10(38) on LTCG. has been claimed in A.Y. 2015-16 but the I.T. Department rejected his claim by treating bogus LTCG gain as he has not own the share certificates. Further in F.Y. 2014-15, the persons sold the share through demate account but never applied for dematerializing the shares supposed to be purchased in 2008 from share broker through contract notes in cash. Whether rejection of exemption u/s 10(38) is right or wrong?
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LTCG 10(38)
Replies (2)
There should be proof and owner identify through contract notes or other tax reports from brokerage houses
The querist has raised an issue which sounds little impractical. There is a demat account but no shares are dematerialised. It may so happen there are some issues pertaining to stringent procedures of dematerialization. It may take some time.How can one claim bogus capital gain?
proof of claiming capital gain is there.
proof of claiming capital gain is there.
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