My Company alloted a certain number of sweat equity shares to me in 2008 for which i paid rs 10000/ value. I did not need to show any gain in my ITR in 2008-9 since the share Fair market value was nil.
In 2009 due to the FBt rules, my employer had to pay FBT on the same, calculated at Rs 2.31 lacs. The amount was recovered from me. I could not show this in my incomer tax return .
The sweat equity shares have now been sold in july 2012 at a price of rs10.50 lacs.
Question -i n my iTr for asmnt yr13-14,s i i will have to show it as long term capital gain of rs 10.40 lacs? Is that correct?
- Can i show the FBT of rs 2.3 lacs recovered from me by the Company in 2009 as tax paid for the same?
- if not , is the Rs 2.3 lacs recoverable in any form from the dept ?
i will be grateful for a reply. ADMehta
CAclubindia
