Hi,

Sub:- Sale of BSE shares

We are a Stock Trading Co., and acquired a Membership Card of BSE in the year 1995 and taken under the Schedule of ‘Fixed Assets’. The BSE has extinguished a card by issuing shares in the F.Y 2005-06. We have sold partly the shares during the F.Y 2007-08 and adjusted for the purpose of computation of long term capital gains, the cost of acquisition of membership card with indexation and paid 20% of the long term capital gain tax. The membership card which was converted into the shares, the cost of which was taken as of 1st April, 2007 at the indexation cost 551 / 281 X cost of acquisition, whether this has been rightly computed or not to be confirmed. Our assessment for the A.Y 2008-09 is in progress.


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