Kris Chari (XX) 22 April 2018
I am 87 years of Age.
I had invested on stocks in joint name with my friend in 1985 when the issue price was Rs 10/= (100 stocks).(50 % share each)
Current price is Rs 22000 per stock in BSE and on Jan 31st it was 21333.00
My friend is now US citizen and NRI
If i sell the stock what will be the tax implication in the light of Finace Act 2018?
Thanks
R.Ramachandran (Advocate) 22 April 2018
Only if the capital gain is more than Rs. 1 lakh, one has to pay 10% tax on the capital gain exceeding Rs. 1 lakh. In your case, as per the given details, the capital gain will be less than Rs. 1 lakh and as such there will be no tax implication.
Kumar Doab (FIN) 22 April 2018
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