cap gains on inherited shares
Posted: Mon Jan 12, 2015 1:15 pm
I have come into shares in Indian company from long deceased ancestor who died intestate.
Have mahaged to get court to award Succeession Certificate, and now have possession of shares.
Question is what capital gains taxes will apply if i sell shares now ?
(i) shares were acquired by my ancestor prior to his passing in 1970 - so this should qualify as long term gain ?
(ii) are long term cap gains really exempt from tax ? (these are shares in listed Indian company, and I will be
selling on regular exchange BSE/NSE-and will pay the STT) ?
If I am right, I should get the proseeds free of inheritance or any cap gains tax ?
Any issues since I am NRI living outside India now ?
Any comments are much appreciated ...
NP
Have mahaged to get court to award Succeession Certificate, and now have possession of shares.
Question is what capital gains taxes will apply if i sell shares now ?
(i) shares were acquired by my ancestor prior to his passing in 1970 - so this should qualify as long term gain ?
(ii) are long term cap gains really exempt from tax ? (these are shares in listed Indian company, and I will be
selling on regular exchange BSE/NSE-and will pay the STT) ?
If I am right, I should get the proseeds free of inheritance or any cap gains tax ?
Any issues since I am NRI living outside India now ?
Any comments are much appreciated ...
NP