Hi Experts, Please clarify my query: Person-X(Resident of India) purchased the shares of his company-A which is not listed anywhere. And recently Company-B acquired the COmpany-A, and Person-X sold his shares and got the amount from USA. The query is, amount which Person-X gained by selling the shares(which are not listed) is taxable?
If it is taxable is there any way of re-investing and saving the tax?
Few people say we can re-invest it in NHAI or REC bonds or invest in residential house?
Is there any time duration with in tat we have to re-invest? Assume Person-X got the gain on 1st August, 2013, how long he can wait to re-invest to avoid the tax.
If Person-X opt for the Residential House, Can he build a house on already available land or need to buy new house?
Is it ok if the land is on Person-X spouse name and he can construct the house with the gains got from Sellign shares?
Regards
Srinivas
CAclubindia
