I have physical shares dated year 1995, which have not yet been demat and the same have not been declared in balance sheet. I would like to know if there is any implication for not declaring them all this while?
I meant the shares have not been disclosed in the balance sheet while filing returns.
You invested and you are holding without selling and realizing the profit or loss. So where comes the taxation issue? When you sell it, then according to holding period and loss or profit, you have to show in ITR.
Thank you for your advise, actually, worry is – will the government levy 45% tax (30% tax + 7.5% service tax + 7.5% penalty) as we did not mention these physical shares in our balance sheet; will the government term this as undisclosed assets? In the event we sell it, in the normal case, it wont cater any tax as it is a LTCG.
Usually we mention the march closing value of our investment portfolio in our balance sheet YOY. Not sure if I am able to put it precisely.