Stock sale descriptttion:
- Shares were purchased 20 years ago when issued by the company (Ashok Leyland). Stock certificate was received from company.
- Stock certificate was given to broker who deposited the shares in my mother's account with the broker
- Shares were sold in Sept 2017 by the broker
Questions:
- Is long term capital gains tax due on above stock sale?
- If no tax is due, is it necessay to report this share sale when filing my mother's income tax return?
- If tax is due, how would you calculate tax on the gains?
CAclubindia
