Hi,
The facts of the case are as under:
Assessee has inherited shares of private limited company on the death of the parent. These shares were purchased before 1980-1981. Subsequently the assessee has sold the shares to another shareholder / director. Being a private limited company, these are unlisted shares.
The queries are as under:
1. Is the Assessee entitled to get the benefit of tax payable at 10%. Or will he be required to pay tax @ 20%
2. Can the assessee get benefit u/s 54, 54 EC, etc and similar provisions of the act if he invests the sale proceeds / gain as specified by the act. What schemes will be available to the assesee in such case.
3. What procedure should one follow to get the value of the shares as on 1980-1981.
Thanks in advance for your replies.
Thanks and Regards,
CA Chandresh Sanat Jatania
CAclubindia
