Assalam-o-Alaikum:
I wanted to know about the newly inserted Clause 103B (Part I Second Schedule of Income Tax Ordinance, 2001) as per Finance Act 2010. I am particularly concerned about the application of this clause in the following scenario:
Mr. X holds 5000 shares in ABC Co. (Cost 50,000) which is being wound up & as winding up proceeds it gives shares of its investment in XYZ Co. to Mr. X. Fair market value of those shares was Rs. 100,000 at that date. Mr. X subsequently disposes them to another person. Fair value at the time of disposal was Rs. 150,000.
How will he account for the capital gain on the disposal of shares of XYZ Co. I mean what will the consideration received & cost?
Asked on 9/18/10, 3:00 am
1 Answer from Attorneys
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