Manoj acquired 1,000 equity shares of ₹10 each in a listed company for ₹35,000 on 1 st July, 2009. The company issued 1,000 rights shares in April, 2011 at ₹15 per share. The company issued 2,000 bonus shares in June, 20
CS Executive · Tax Laws and Practice · PYQS · June 2016
Manoj acquired 1,000 equity shares of ₹10 each in a listed company for ₹35,000 on 1 st July, 2009. The company issued 1,000 rights shares in April, 2011 at ₹15 per share. The company issued 2,000 bonus shares in June, 2015. The market price was ₹50 per share before bonus issue and ₹25 after such issue. The cost of acquisition of bonus shares would be— (A) Nil (B) ₹20,000 (C) ₹50,000 (D) ₹1,00,000
Answer & Explanation:
Correct Answer: Option (A)
Official answer key: (A).
Topics: Income Tax
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