What is the tax treatment for sale of shares by promoters through IPO Offer for sale?
If capital gains, then what is the cost of acquistion? If PGBP, then what expenses can be claimed against the income?
Please explian via interpretation of relevant provision.
Attachment of relevant case laws would be a cherry on the cake.
Thanks.
You will have to check whether the shares are held as a capital asset or as a business asset. If it held as a capital asset (most likely) it will be treated as capital gains.
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