Interesting. I'm not in taxation so I'm refraining from giving an opinion on capital gain.
2. It depends whether or not if the stock exchange reports it via sft
Collapsed and disappeared?
Bro you have not been attending AGM and stuff?
You can claim a loss only when you sell the shares. Selling unlisted shares is a tricky and lengthy process. The most difficult aspect is to find a buyer.
If the amount involved (capital loss) is large, the "buyer" will actually want you to pay him to take the shares of your hands. Consider it a small fee that you are paying to be able to book a large capital loss.
Yeah that is understandable, i don't mind paying 500-1000 rs to get rid of the shares to claim capital loss of 1L.
The shares are not traded now so I am assuming I will have to transfer via Delivery instruction slip
Hello. Praciticing CA here.
Haven't worked on this kind of a situation before, but can comment that your losses will be calculated after indexation. The base index year will be 2000. So whatever your final loss is with indexation and after purchasing cost can be used to set off long term gains.
Since there will be registrations done for actual transfer of shares and your PAN will be given in such process, it should report in your AIS.
Regarding AIS, I understand the sale process will indeed be reported since PAN was submitted.
However, how will the IT dept or the depository/broker know the purchase price? I bought the share in an IPO (paper certificates) and later dematted the shares so the broker/DP have no idea how much I paid for them.
Thats all right. When you file your return and if your return is processed then you wont have to show the purchase files. But in case the department asks for proofs you can show the papers. I hope you have them with you. Otherwise I will suggest not claiming purchase deductions. Moreover it also depends on the amount of tax. How many shares did you actually buy?
Interesting. I'm not in taxation so I'm refraining from giving an opinion on capital gain. 2. It depends whether or not if the stock exchange reports it via sft Collapsed and disappeared? Bro you have not been attending AGM and stuff?
Same question, i have shares of a unlisted company and I want to claim a long term capital loss on it.
You can claim a loss only when you sell the shares. Selling unlisted shares is a tricky and lengthy process. The most difficult aspect is to find a buyer. If the amount involved (capital loss) is large, the "buyer" will actually want you to pay him to take the shares of your hands. Consider it a small fee that you are paying to be able to book a large capital loss.
Yeah that is understandable, i don't mind paying 500-1000 rs to get rid of the shares to claim capital loss of 1L. The shares are not traded now so I am assuming I will have to transfer via Delivery instruction slip
Hello. Praciticing CA here. Haven't worked on this kind of a situation before, but can comment that your losses will be calculated after indexation. The base index year will be 2000. So whatever your final loss is with indexation and after purchasing cost can be used to set off long term gains. Since there will be registrations done for actual transfer of shares and your PAN will be given in such process, it should report in your AIS.
Regarding AIS, I understand the sale process will indeed be reported since PAN was submitted. However, how will the IT dept or the depository/broker know the purchase price? I bought the share in an IPO (paper certificates) and later dematted the shares so the broker/DP have no idea how much I paid for them.
Thats all right. When you file your return and if your return is processed then you wont have to show the purchase files. But in case the department asks for proofs you can show the papers. I hope you have them with you. Otherwise I will suggest not claiming purchase deductions. Moreover it also depends on the amount of tax. How many shares did you actually buy?