Question ID :
41112
Long Term Capital Gains Liability
Dear Members,
Please clarify the following:
An Assessee had Sold Shares in Unlisted Company during the previous Financial year. The assessee had purchased the Shares Long time ago. The Cost of Acquisition of the Shares were made at the Face Value being Rs.5/- Per share.
1) Wheter the Sale Proceeds would attract Long Term Capital gains Tax at 20%.
2) On the other hand If no Indexation Benefit has been availed whether it would attract Tax at 10% as per provisions of section 112A of the Income Tax Act.
A.S. Raman
Charterted Accountant.
posted by
RAMAN
on
Aug 4 2021 12:00AM