My dad is a senior citizen and he has many long term share holdings , which he had purchased in 1980s, 1990s and has held on to those stocks . After the recent changes to LTCG provisions , Regarding STT need to paid during purchase for LTCG to be availed , My dad's CA says that he must pay the capital Gains Tax for his stock if sold as for purchases made in 1980s , 1990s STT has not been paid on those during purchase .

We disagree with the interpretations of the CA , can you please clarify abouty this .

Question :
Would my dad has to pay capital gains tax for stock purshased on stock market currently held in demat account in 1980s, 1990s if sold now .  Personal Income Tax
Sec.10(38) of the Income Tax Act provides that income arising from transfer of long term capital asset being an i) equity share in a company; ii) unit of equity oriented fund; and iii) unit of... Read More
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Dear Sirs,

I have been contributing to PPF account on the name of my wife and was availing tax deduction. An account on the name of my wife was opened during 1990 & was extended every 5 years after completion of first 15 years. She is a housewife. Now my question is that the amount I receive by closing her PPF account will be considered as a capital of mine OR my wife? Can she further invest this money on her own name OR i will have to take that amount in my name?  Personal Income Tax
The amount received upon PPF closure would be your wife's capital and shall be credited to your wife's bank account. She can invest the money in her own name in future.
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