Hello @Ajay_Mohanta,
As this is a case of Long term capital gain on shares acquired before 31/01/2018, we suggest you to enter details scrip wise and not consolidated. You’ll also be able to claim benefit of grandfathering by entering FMV for all transactions.
Hope this helps!
In ITR 2 Schedule Capital Gains section my STCG is 4382 but qurter wise breakup is as follows
Q1 6519
Q2 16213
Q3 -21985
Q4 3634
then how can i adust loss in
F. Information about accrual/receipt of capital gain
section
pls suggest
Background
My father had two demat accounts-
He passed away last year out of the blue due to covid and my mother is the nominee.
Issue
As my father operated his shares and all the trades- short and long term on his own, we were (are) in dark about which shares were bought at what rate and on which date. So now that the shares have been transferred, to trade in them and calculate the tax on their sale (capital gains or harvest the losses), I would need to know the dates.
So my questions are-
How will we know the when, which and at what price the shares were bought? As my father was active in the share market for a long time >15 years, how do we go about finding them from HDFC Securities and SBI Securities?
If we somehow do not find the details of a particular share, how will it be taxed? (It has been >1 year since my father passed away). Will there be some sort of assumption based taxation?
Hey, you can ask for the holding statement from the relevant brokers to know about the details of the stocks held by your late father.
As for your second question, AIS can help you to get the FMV of the shares as and when you sell it, in case you are unable to find the purchase value.
Note that, in some cases, your AIS may not provide the actual cost acquisition of shares that have been held for a long time
Hello
I have LTCG from sale of unlisted equity shares in FY2022-23.
Thanks
Prasidh
Dear Sir/Madam,
I,Saikat Das,want to know that for buying huge quantity of a share :-
1.How much share can I buy for a particular company?
2.When I have to declare about it?
3.Who’ll assit me to declare it for me?
4.What’s the process?
Kindly reply as soon as possible.
A post was merged into an existing topic: Income Tax from foreign shares in India and its taxability
Hey @Bharti_Vasvani , can you please help here?
Hello @sd9871,
For taxation purpose, there is no boundary as to how many shares you can buy and declaration of the same. When an assessee sells these shares at that time he needs to report it in the Income tax return and pay tax on the gains earned if any.
Hope this helps!
Buying 1% or more of total shares of a company where we need to declare and how?Who’ll assist to do this?
Not taxation purpose.
@TeamQuicko, can someone help with this?
Hey @Bharti_Vasvani , can you please help here
Hello @prasidhi,
No, grandfathering provision is only applicable if you have sold certain securities mentioned in section 112A. For unlisted equity shares, you can claim the benefit of indexation.
The benefit under 54E is available if capital gain arises from the transfer of a long term capital asset before 01/04/1992. Similarly, for sections 54EA and 54EB, the date of transfer mentioned is 01/04/2000. Therefore you won’t be able to claim benefit under these sections.
Although you can check out this article for a better understanding as to where you can invest the capital gains and save taxes: Section 54F of Income Tax on sale of LTCA except house- Learn by Quicko
Hope this helps!
Hello @Bharti_Vasvani
Thanks for your reply. I have already gone through the article about 54F.
I do not have plans to invest the LTCG in land or building. Is there any other exemption option available other than 54F?
Thanks
Prasidhi
Hello @prasidhi,
No there is no other exemption available for capital gains on the transfer of long term securities.
For the purpose of calculation of long term capital gains of government bonds or securities, will the cost of acquisition of government securities include accrued interest paid at the time of purchase of securities.
For example - Clean price = Rs. 99.50 and Dirty price = Rs. 101.50 (Rs. 99.50 + Rs. 2) (Clean Price + Accrued Interest). The question is that the cost of acquisition will be clean price or dirty price?
The cost of acquisition shall be the dirty price, i.e., clean price + accrued interest.
Hi Shrutika,
Thank you for the answer.
Can you please let me know the provision of the Income tax act or income tax rule for this conclusion?
Here’s a public document by BSE for your reference. Click here.
Hope this helps.
Hello
Ihave some questions regarding usage of Section 54F.
Thanks
Prasidh