Capital Gain Tax on sale of shares

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  1. S. VEERAMANIKANDAN

    S. VEERAMANIKANDAN New Member

    My client is a senior citizen, purchased a share in 1980s - Shriram Transport and finance ltd. for Rs. 10,000/- ( Manual Form ) in his name and his wife name ( each Rs. 10000 ) and sold them on 23.02.2013 for Rs.739846 ( Each ) through M/s. Asit C Metha Share Traders through D mate Account. Is he liable for Capital Gain Tax. He received a notice from IT Dept. on 09.03.2016 to file return for f.y. 2012 - 2013 ( Information Code : STT-02 ) and his wife received similar notice - ( Information Code : CIB-502 and STT-02 )

    Kindly advise.
     
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