I am a resident Indian and was working in a joint venture Indian Pvt Ltd company in which the majority shareholders is a German company. I was allotted shares of the company in 2000. On retirement from the company in March 2013 , my shares were transferred to the German company. The query now is whether the consideration received by me on sale of shares will attract Long term Capital gains tax. If yes, will it be 10% or 20% with indexation ? Can I avoid tax by investing the proceeds in 54EC bonds ?
At the same time I also want to know whether I can get tax relief under the recent amendments to IT act ( provisions under new Chapter XII -DA /Section 115 QA) effective from 1st June 2013, as I received the sale consideration in Sept 2013 only.
CAclubindia
