one of my relative holds 10-12 scrips which were purchased between 1992-2003 which hav now been delisted from trading. all the scrips were shown as an investments in his books of accounts. what will be the tax incidence if he writes off the whole investment? is he eligible to treat it as long term capital loss under the income tax act which can be set off against long term capital gain?
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taxation provision in case of delisted scrips
Replies (1)
Yes you can treat as a long term capital loss....
Long term capital gain on shares are exempt so no way to set off.
You can set off against any other long term capital gain if u have..
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