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. 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.
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, 2:34 am
1 Answer from Attorneys
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